Goldman Sachs Asset Management announced Friday that it had named Jim O'Neill chairman.

O'Neill was head of global economics, commodities and strategy research for Goldman, Sachs & Co.

He is to remain based in London and will report to Ed Forst and Tim O'Neill, global co-heads of the Goldman Sachs investment management division, which includes the asset management division.

As part of Goldman Sachs Asset Management's senior leadership team, Jim O'Neill will help lead all aspects of the business, working with divisional managers and portfolio management teams on developing client strategies.

The appointment is subject to regulatory approval in the U.K.

Jim O'Neill, credited as the creator of the acronym "BRIC," has published much research on emerging markets, specifically in Brazil, Russia, India and China, and the growth opportunities in those countries.

His division is the asset management arm of Goldman Sachs Group Inc., which had $802 billion of assets under management at June 30.

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