Julian Salisbury, once considered a CEO contender, is leaving Goldman after 25 years.
He was CIO of the bank’s all-important asset and wealth management division.
He will not be replaced, a bank spokesperson said.
He was once viewed as a contender for the CEO spot. Now, Julian Salisbury is leaving Goldman Sachs after 25 years, and his role as CIO will not be replaced.
In a memo Friday, CEO David Solomon thanked Salisbury, chief investment officer of the bank’s asset and wealth management division, for his “contributions to Goldman Sachs, our clients and our people.” The memo mentioned Salisbury’s numerous leadership roles, including his job as global co-head of Goldman Sachs Asset Management before a shakeup last year demoted him to CIO of a division run by Marc Nachmann.
But it stopped short of naming a successor to Salisbury because, according to a spokesperson, there is none.
“We have leaders on all of our investments businesses that are senior and tenured, so we are not replacing Julian’s role,” a Goldman spokesperson said in an email. “He did a great job bringing together investment teams across GS into one division and that process is complete.”
Salisbury has taken a job as CIO of Sixth Street, which manages about $65 billion in assets. He will start the new job in 2024, according to a press release. His departure from Goldman comes at a critical time for Goldman, which is aggressively trying to build its money management business. It was first reported by The Wall Street Journal.
Also leaving the bank is Takashi Murata, co-head of Asia Pacific private investing and global co-head of real estate within Goldman Sachs’ asset management unit. Jim Garman was named sole global head of the asset management division’s real estate business, according to an internal memo by Nachmann, a copy of which was seen by Insider.
Nachmann’s memo said Richard Spencer will become EMEA head of Real Estate and Nikhil Reddy will become Asia Pacific head of Real Estate. “In their new roles, Richard and Nikhil will help to grow our business and develop our teams at the regional and local level,” Nachmann said.
Both Salisbury and Murata were named partners in 2008. The bank has lost around 90 partners since Solomon was named CEO in 2018. Solomon has argued that partner turnover is low but also necessary to make way for younger talent.
“People work here. They spend 25 years. They have a great career. They go off and they do other things. They become great clients. That’s part of the virtuous ecosystem of Goldman Sachs,” Solomon has said.
Earlier this month, Goldman reported a 58% drop in profits, dragged down in part by $485 million in impairments related to real estate investments made via its asset management unit.
A spokesperson said the bank is “on track” to meet its 2024 target of $10 billion in management fees, and that is has “already exceeded our $2 billion alternative fee target on an annualized basis in the most recent quarter.”
Read the memos on Salisbury, Murata, and the others here:
