(Reuters) – Goldman Sachs Group Inc said it has appointed Luke Sarsfield as the global co-head of its $2.47 trillion asset-management business, according to a memo seen by Reuters on Monday.

Sarsfield will take over the post alongside Julian Salisbury, who has been heading the unit alone ever since Eric Lane ended his association of over 25 years with the bank in March last year to join investment firm Tiger Global Management.

The asset management arm provides investment and advisory services to several clients, including sovereign wealth funds, public and private pension funds and insurance companies.

In mid-2020, Goldman Sachs had merged its merchant banking and asset management businesses into a single unit as part of a broader restructuring. [https://reut.rs/33FuZfR]

Sarsfield who has worked in the premier investment bank for over 22 years, is currently co-head of its client business for the asset management arm. He was formerly Goldman Sachs’s global head of the financial institutions group and the global chief operating officer of the investment banking division.

Chief Executive David Solomon, who succeeded Lloyd Blankfein in October 2018, has streamlined the bank’s structure into four main businesses – investment banking, trading, asset management and consumer banking – to shift its focus away from volatile trading and into more stable businesses.

(Reporting by Manya Saini in Bengaluru and Matt Scuffham in New York; Editing by Krishna Chandra Eluri)