Julian Salisbury was once considered a contender for Goldman Sachs CEO. Read David Solomon’s memo on his departure.

• 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 considered a candidate for CEO. Julian Salisbury is leaving Goldman Sachs after 25 years as CIO, and his position will not be filled.

Salisbury, chief investment officer of the bank’s asset and wealth management division, was thanked in a memo Friday by CEO David Solomon for his “contributions to Goldman Sachs, our clients, and our people.”Salisbury’s numerous leadership roles were mentioned in the memo, including his position as global co-head of Goldman Sachs Asset Management before being demoted to CIO of a division run by Marc Nachmann last year.

However, it did not name a successor to Salisbury because, according to a spokesperson, there is none.

“We have senior and tenured leaders on all of our investment businesses, so we are not replacing Julian’s role,” a Goldman spokesperson said in an email. “He did an excellent job of uniting investment teams across GS into a single division, and that process is now complete.”

Salisbury has joined Sixth Street, which manages approximately $65 billion in assets. According to a press release, he will begin his new position in 2024.His departure from Goldman comes at a critical juncture for the firm, which is aggressively expanding its money management business. The Wall Street Journal broke the story first.

Takashi Murata, co-head of Asia Pacific private investing and global co-head of real estate at Goldman Sachs’ asset management unit, is also leaving. According to an internal memo seen by Insider, Jim Garman was named sole global head of the asset management division’s real estate business.

According to Nachmann’s memo, Richard Spencer will become EMEA Real Estate Head, and Nikhil Reddy will become Asia Pacific Real Estate Head. “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.

In 2008, both Salisbury and Murata were named partners. Since Solomon was appointed CEO in 2018, the bank has lost approximately 90 partners. Solomon has argued that while partner turnover is low, it is also necessary in order to make room for younger talent.

“There are people who work here. They put in 25 years. They have a successful career. They leave and do other things. They develop into excellent customers. “That’s part of Goldman Sachs’ virtuous ecosystem,” Solomon has said.

Goldman reported a 58% drop in profits earlier this month, dragged down in part by $485 million in impairments related to real estate investments made through its asset management unit.

According to a spokesperson, the bank is “on track” to meet its management fee target of $10 billion by 2024, and it has “already exceeded our $2 billion alternative fee target on an annualized basis in the most recent quarter.”

Read the Salisbury, Murata, and other memos here:

Julian Salisbury will leave Goldman Sachs on July 28, 2023 Julian Salisbury, chief investment officer of Asset & Wealth Management and a member of the Management Committee, will leave Goldman Sachs after 25 years of distinguished service. Julian has held a number of leadership positions at the firm, most recently assisting in the growth of our unified Asset Management business. Previously, Julian worked closely with a number of firm leaders to unify our five different investing platforms and join our efforts across alternative and traditional asset management to better serve our clients. Julian’s leadership in establishing and scaling multiple investment businesses to support our broad, global, and deep asset management franchise will be remembered for a long time. Julian has also made significant contributions to Goldman Sachs’ culture, including as a former co-chair of the Partnership Committee and his commitment to developing talented investment teams globally. In that role, he collaborated closely with partners around the world to launch the Goldman Sachs Gives Analyst Impact Fund, which allows analysts to collaborate with peers for a chance to win a grant in support of a nonprofit of their choice. Julian previously served as the global co-head of Goldman Sachs Asset Management. Prior to that, he was the global head of the Merchant Banking Division. Julian previously led the Global Special Situations Group from 2013 to 2019 and the European Special Situations Group (ESSG) from 2008 to 2013. He worked in Moscow from 2007 to 2008 to establish ESSG’s business covering the former Soviet Union, and he was a founding member of ESSG in 2003. Julian previously worked in Bank Loan Research, High Yield Research, and Product Control. Julian joined Goldman Sachs in 1998 and was promoted to managing director in 2005 before becoming a partner in 2008. Please join me in thanking Julian for his contributions to Goldman Sachs, our clients, and our employees, and in wishing him and his family the best in the coming years. David Tak Murata will leave Goldman Sachs on July 28, 2023. Tak Murata, co-head of Asia Pacific Private Investing and global co-head of Real Estate at Goldman Sachs Asset Management, is leaving the firm after 25 years of distinguished service. Tak has held a variety of leadership positions across our investing businesses during his tenure at the firm. He joined the firm in 1998 as a founding member of the Asian Special Situations Group (ASSG) and helped to scale the business across the region, most notably by leading the establishment of the Australia and New Zealand SSG team in 2012. Tak was named head of Japan ASSG in 2011, ASSG in 2018, and Asia Real Estate in 2019 after several of our private markets investing and lending businesses were merged into the unified Alternatives platform we now have. Tak has played an important role in developing and strengthening our Asia Pacific Real Estate franchise, as well as serving as a leader and role model for our teams in the region. He has contributed to the culture of our firm by emphasizing the importance of our apprenticeship model and participating in a number of our diversity initiatives. Tak was promoted to managing director in 2005 and then to partner in 2008. He chairs the Real Estate Investment Committee of Goldman Sachs Japan Co., Ltd. and is a member of the Asia Pacific Management Committee and the Asset & Wealth Management Private Real Estate Investment Committee. Please join us in thanking Tak for his contributions and wishing him and his family all the best in the coming years. Nachmann, Marc

July 28, 2023 Asset Management Real Estate Leadership Updates Following Tak Murata’s departure, Jim Garman will become the firm’s sole global head of Asset Management Real Estate and will relocate to New York this month. He will continue to lead our talented global team of real estate professionals, oversee the platform’s growth, and drive differentiated investment strategies and value creation for our clients. Jim joined Goldman Sachs in 1992 and rose through the ranks to become managing director in 2004 and partner in 2006. In addition, Richard Spencer will become EMEA Real Estate Head, and Nikhil Reddy will become Asia Pacific Real Estate Head. Richard and Nikhil will help to grow our business and develop our teams at the regional and local levels in their new roles. Richard joined the firm in 2009 and was promoted to managing director in 2012 before becoming a partner in 2018. Nikhil began working for the firm in 2008 and was promoted to managing director in 2019. Please join me in congratulating Jim, Richard, and Nikhil on their new and expanded responsibilities, as well as thanking them for their ongoing contributions. Nachmann, Marc