Philip Murphy, co-head of Goldman Sachs' investment management division and member of the management committee, is to retire at the end of the November after 21 years with the firm and his position will be taken by Eric Schwartz.

Schwartz will join Peter Kraus as co-head of the investment management division, which includes private banking and asset management. He was previously head of equities and had served at the division's co-chief operating officer.