Eric Lane, the global co-head of the asset management division at Goldman Sachs and a member of the firm's powerful management committee, will retire from the firm in the coming weeks, according to an internal memo sent on Monday by David Solomon, the firm's CEO.
"Over the coming weeks, Eric will work closely with Julian Salisbury, co-head of the division, to effect a smooth transition," Solomon wrote in the memo, which was viewed by Insider.
Salisbury is co-head of the asset management division, who will become the group's sole head going forward, a spokesperson for Goldman Sachs said.
Lane is heading to Tiger Global Management, which manages a hedge fund business in addition to a venture capital group, where he will take on a new role as the firm's president and chief operating officer, according to the Financial Times, which cited an investor letter sent by Chase Coleman, the founder of Tiger Global, and his parter Scott Shleifer.
Bloomberg first reported the Lane's departure from Goldman Monday morning.
Lane has been with Goldman Sachs for more than 25 years. Prior to leading asset management with Salisbury, Lane was the firm's global co-head of the consumer and investment management division, and previously had been the chief operating officer of Goldman's investment management division.
He is also a member of Goldman Sachs' exclusive and rarefied partnership, to which he was inducted in 2002.
The memo from Solomon did not specify an exact day for when Lane will depart.
"Eric has served our firm with distinction for more than 25 years," Solomon wrote in the memo. "We have benefitted greatly from his strong leadership, significant experience building and scaling businesses, and expertise designing differentiated strategies to meet our clients' evolving needs."
Other recent high-profile leadership changes have taken place within the asset management group.
Sheila Patel, the London-based chairman of Goldman's asset management unit, stepped down as a partner and chair of asset management on January 1 of this year, and has since taken on a new role as an advisory director to the firm.
Read the full memo Goldman Sachs CEO David Solomon sent on Monday announcing the departure of Asset Management Co-Head Eric Lane
March 1, 2021
Eric Lane to Retire From Goldman Sachs
Eric Lane, global co-head of the Asset Management Division and a member of the Management Committee, will retire from the firm. Over the coming weeks, Eric will work closely with Julian Salisbury, co-head of the division, to effect a smooth transition.
Eric has served our firm with distinction for more than 25 years. We have benefitted greatly from his strong leadership, significant experience building and scaling businesses, and expertise designing differentiated strategies to meet our clients' evolving needs.
As co-head of the Asset Management Division, Eric has worked closely with Julian to bring together our Merchant Banking and Asset Management businesses, leading our teams across the division as they engage directly with clients around the world, including sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies and corporations, as well as third party financial intermediaries, to better deliver our full suite of world-class solutions.
Previously, Eric was global co-head of the Consumer and Investment Management Division. In that role, he was instrumental in building on the longstanding strengths of our investment management business and growing our consumer platform, with a focus on serving a broader spectrum of individual consumers and investors. Prior to that, Eric was chief operating officer of the Investment Management Division, where he had oversight for the Private Wealth Management, Alternatives, Capital Markets and Goldman Sachs Asset Management Distribution businesses.
As a long-tenured leader of the firm, Eric has recruited, developed and mentored countless Goldman Sachs people around the world. He has also demonstrated an unwavering commitment to our culture, including as co-chair of the Partnership Committee, a role he assumed in 2017.
Eric is a member of several additional committees, including the Firmwide Client and Business Standards Committee and the Global Inclusion and Diversity Committee. He was named managing director in 2001 and partner in 2002.
Please join me in thanking Eric for his outstanding contributions to Goldman Sachs, our clients and our people, and in wishing him and his family the best in the years ahead.
David M. Solomon
