Jim O’Neill, the celebrated economist who is set to retire from Goldman Sachs, has become one of the best known industry figures after coining the term Brics – an acronym for the fast-growing economies of Brazil, Russia, India and China.

O'Neill, who has been chairman of Goldman Sachs Asset Management since September 2010 and is best known for his accurate predictions on the growth of emerging markets, will retire from the bank later this year, the firm announced in a statement on Tuesday. He has yet to communicate his next move.