Goldman Sachs has promoted its chief administrative officer to co-head of its investment management business after his predecessor retired from the firm following a turbulent summer for the asset management division.

Edward Forst, formerly executive vice-president and chief administrative officer at the bank, will head the division alongside Peter Kraus, according to an internal memo from Goldman Sachs chairman and chief executive Lloyd Blankfein. Forst will remain in London, having moved to the city from New York in March this year.