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Goldman's BRIC creator to retire this year

Steve Rothwell, AP Business Writer

NEW YORK (AP) -- Goldman Sachs economist Jim O'Neill, credited with inventing the BRIC label to collectively describe the emerging economies of Brazil, Russia, India and China, is set to retire from the firm later this year.

O'Neill, currently the chairman of Goldman Sachs Asset Management, is retiring after an 18-year stint at Goldman, the Wall Street firm said in a statement.

The 55-year-old economist joined Goldman as co-head of Global Economics Research and chief currency economist in 1995. He was named head of Global Economics, Commodities and Strategy Research in 2001, before taking up his role at the firm's asset management division in 2010.

Before joining Goldman, O'Neill worked as head of research for Swiss Bank Corp. and also had stints at Bank of America and International Treasury Management.

A keen soccer fan, O'Neill was a board member of Manchester United, one of the world's richest soccer clubs, before it was acquired by Tampa Bay Buccaneers owner Malcolm Glazer in 2005.