Goldman Sachs veteran investment management co-head Edward Frost will retire at the close of the year, according to a letter sent to employees on Friday.
Frost, who has been with Goldman Sachs for 16 years, joins the growing list of senior partner departures from the struggling investment firm has seen recently. Kevin Kennedy, the chief of Goldman’s Latin America branch who is a member of the executive committee, will also be retiring at the end of the year after nearly 40 years at the company, Reuters reports.
This is Frost’s second departure from Goldman Sachs, after he rejoined the group last year following his advisor role to Treasury secretary Hank Paulson for the $700 billion financial bailout plan. Previously, Frost had left Goldman Sachs to be the first executive vice-president of Harvard University, the Financial Times reports.
Goldman Sachs has suffered significantly since the end of 2007, with the value of the assets it manages declining over 50 percent by the end of the third quarter period. Total non-money market assets have also dropped by seven percent in the same period, the Financial Times reports.
Frost plans to focus on his philanthropic work following his retirement. Frost is currently co-chair of Harvard University’s taskforce on philanthropy, co-head of Harvard’s 30th reunion campaign, and member of the university’s stem cell science advisory board.
Frost will be replaced by Eric Lane who has acted as chief operating officer of asset management business at Goldman Sachs for the last two years but has been a partner at the firm since 2002.
