The New York based firm Goldman Sachs Group Inc., in an announcement regarding a management shuffle on Friday, revealed that Marc Spilker 20 years Goldman’s old-hand, Co-Head of its Investment Management Division, will be replaced by Edward Forst. Marc Spilker, also a member of management committee is announced to be retiring.

Goldman Chief Executive Lloyd Blankfein said in a memo, “Spilker was responsible for mentoring colleagues who have become important leaders at Goldman”.

The investment management division will be headed by initial Goldman's senior strategy officer Frost, with Tim O'Neill.

After serving as an Executive of Harvard University, last year Forst rejoined Goldman initially the firm in 1994. This was informed in two separate memos dated today and signed by Chief Executive Officer Lloyd Blankfein and President Gary Cohn.