The announcement was made in an internal company memo, reports The New York Times. Forst is leaving the company after 16 years of service; his retirement is effective at the end of the year. Eric S. Lane will replace him.
Forst joined the firm in 1994 and ran a number of key divisions, including capital markets. In 2008, he left Goldman to manage the Harvard University endowment, but rejoined Goldman about a year later as a senior strategy officer. He took over asset management in 2010, replacing.
Lane will co-lead with Tim O’Neill, who has been co-head of the Investment Management Division (IMD) since 2008. Lane has been co-head of IMD since 2008. He has also served as chief operating officer of IMD since 2009. In that role, he had oversight for the Private Wealth Management, Alternative Investments, Capital Markets and Goldman Sachs Asset Management Distribution businesses. He is co-chair of the Firmwide Suitability Committee and a member of the Growth Markets Operating Committee and the IMD and Merchant Banking Division Client and Business Standards Committees.
Lane joined Goldman Sachs in 1996, and since 1999, has held a variety of senior positions in IMD. He was named managing director in 2001 and partner in 2002.