Goldman Sachs’s Spilker Exits Firm; Forst Joins Fund Management
Spilker, 45, will be replaced by Edward Forst, who rejoined the firm last year as a senior strategy officer after a year as Harvard University’s first executive vice president and principal operating officer, according to a separate memo. Both memos were signed by Chairman and Chief Executive Officer Lloyd Blankfein and President Gary Cohn and confirmed by Andrea Raphael, a Goldman Sachs spokeswoman in New York.
Goldman Sachs’s Investment Management Division, which oversees funds for institutions and wealthy individuals, has had a series of leadership changes in the last three years. Spilker and Tim O’Neill were promoted to help run the division in June 2008, when Forst left to join Harvard.
Three months earlier, Co-Head Peter Kraus left after almost 22 years at the firm, later surfacing at Merrill Lynch & Co. to work with former Goldman Sachs colleague, John Thain. Eric Schwartz, a previous co-head of the division, left Goldman Sachs in 2007 after 23 years.
Spilker joined Goldman Sachs in 1990 and became a partner in 1996. Before joining the investment management division in 2006 as head of global alternative asset management, Spilker was responsible for U.S. equities trading and global equity derivatives. He previously ran fixed-income, currencies, and commodities in Japan and served as global head of foreign exchange options.
As one of the 30 members of Goldman Sachs’s management committee, he received no cash bonus for his performance in 2009.
Spilker will become a “senior director” of the firm, according to the memo. Senior directors serve in an advisory capacity and aren’t employees.
“Marc has made outstanding contributions throughout the firm and has mentored many colleagues who have developed into our important leaders,” Blankfein and Cohn said in the memo. The changes take effect at the end of February, they said.