Eric Lane is stepping down as co-head of the asset management division of Goldman Sachs become president and chief operating officer of the Tiger Global investment fund.
The move comes just five months after the Wall Street bank reorganized its asset management division, combining it with the former investment banking unit and bringing it under the management of Lane and Julian Salisbury. The unit generated $ 8 billion in revenue in 2020 – nearly a fifth of the bank’s total – and $ 1.8 billion in net income. Previously, Lane was Co-Director of Consumer and Investment Management.
The departure, first reported by Bloomberg and confirmed by both companies, follows Sunday’s announcement that Goldman’s head of consumer credit Marcus, Omar Ismail, was leaving to join a fintech start-up backed by Walmart and Ribbit Capital, and would take with him a senior lieutenant, David Stark. Like Lane, Ismail was only recently appointed to his managerial post.
Lane is a member of Goldman’s executive committee and co-chair of its partnership committee. In a note to staff, Goldman Managing Director David Solomon said Lane “has served our company with distinction for over 25 years. We have benefited greatly from his strong leadership. “
The combined role of President and COO is new at Tiger Global. In a letter to investors, Tiger Global founder Chase Coleman and his partner Scott Shleifer wrote, “We are always looking for ways to continue to improve as we look forward to the next 20 years. . . In this newly created role, Eric will work across the firm, helping us manage the organization with a particular focus on our clients and the infrastructure that supports our platform.
The letter also stated that the current COO, Anil Crasto, would be retiring after a transition period.