The co-head of investment management at Goldman Sachs, Marc Spilker, is retiring after 20 years at the Wall Street firm, Dow Jones said, citing an internal memo.

Edward Forst, senior strategy officer, will fill Mr Spilker’s role, working with Tim O’Neill, the current co-head of investment management, the publication said.

The two executives "will lead our efforts to grow Goldman Sachs’ asset management and private wealth management businesses," the memo added. The memo’s contents were later confirmed by Goldman Sachs.