The chairman of Goldman Sachs Asset Management in Asia Pacific will retire at the end of the year after 15 years at the firm, according to an internal memo seen by Financial News.

Oliver Bolitho, who moved to Hong Kong to lead GSAM's work in Asia Pacific ex-Japan in 2007 and has played a key role in developing the fund manager's presence in the region, will become an advisory director after he steps down. A spokeswoman for Goldman Sachs confirmed the contents of the memo.