Goldman Sachs has promoted chief administrative officer Edward Forst to co-head the firms investment management division, Goldman Sachs Asset Management, a unit that oversees $796 billion in assets.
That position has been vacant since the divisions former co-head, Eric Schwartz, stepped down in June. Schwartzs departure followed a 9% decline in 2006 at the firms Global Alpha fund. The fund had last experienced a down year in 1999. Since 2006, Global Alphas performance has continued to decline.
The fund had lost 2.8% for the month as of mid September and is down nearly 35% for the year. Investors