The first task for the new head of Goldman Sachs Asset Management, one of the world's biggest money managers, with $873 billion under management, will be stabilizing the business after an extremely rough 2007. GSAM has been battered not only by terrible investment performance by its quantitative team but also by turnover among its top executives. Last November, Edward Forst, formerly chief administrative officer of Goldman, Sachs & Co. and the highest-ranked official of the bank outside the U.S., was named co-head of GSAM with Peter Kraus. Forst took the place of former GSAM co-head Eric Schwartz, who stepped down in July. Then this March, Kraus also resigned, leaving Forst alone at the top to deal with the very large jobs of improving returns and soothing restive customers.
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