Goldman Sachs Group Inc. said it has appointed Jim O'Neill chairman of its $800 billion asset-management arm, a newly created role designed to leverage his "global perspective on world markets."

O'Neill joined Goldman in 1995 and was most recently the head of global economics, commodities and strategy research. For his new role, he will remain in London and help lead all aspects of Goldman's asset-management business.

O'Neill has published "much research" about the emergence of Brazil, Russia, India and China as future growth opportunities, and he'll continue to write about his views, the company said. The term "BRIC" is attributed to him.

"Jim brings broad experience across asset classes, a track record of identifying important investment trends and strong relationships with clients around the world," the company said in a statement. "His powerful voice in the global investment community will help us continue to demonstrate the value we add for our clients."

O'Neill's appointment is subject to approval of U.K. regulators.

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