The global co-head of investment management at Goldman Sachs is departing the firm after a 16-year career at the Wall Street giant.

Edward Forst, global co-head of Goldman Sachs’ investment management division, will retire from the firm at the end of the year.

Forst is a veteran of the investment banking giant, having originally joined Goldman Sachs at its capital markets division in 1994. He went on to become co-head of that business and also served as chief of staff to both the equities and fixed income clearing corporation divisions and co-head of the global credit business. In 2004 he was appointed as the firm’s chief administrative officer and joined the management committee and in 2007 was made co-head of the investment management arm.

He left in 2008 to become the first executive vice president of Harvard University but rejoined the Wall Street firm a year later as its senior strategy officer. Just last year he took up the role again of co-head of investment management, along with Tim O’Neill.

Meanwhile, Eric Lane is set to take up the role Forst is leaving and will lead the investment management business along with O’Neill, who has been in place since 2008. Lane has been chief operating officer of the division since 2009, overseeing the Private Wealth Management, Alternative Investments, Capital Markets and Goldman Sachs Asset Management Distribution businesses. He has been at Goldman Sachs since 1996 and became a partner in 2002.

Announcing the changes, the firm best known for investment banking highlighted the importance of the private wealth market to its business, saying Lane and O’Neill would together lead efforts to grow its “combined asset management and private wealth platform, which continues to represent one of the firm’s most important businesses and growth opportunities.”