Goldman Sachs Asset Management (GSAM) chairman Sheila Patel has reportedly decided to retire after almost two decades at the firm.

Patel will step down from the partnership and become an advisory director to the $1.8 trillion asset management division, Bloomberg cited GSAM CEO David Solomon as saying in a memo to staff.

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In the memo, Solomon said: “Sheila has contributed to our culture, including by serving as a mentor to many Goldman Sachs professionals around the world. I look forward to benefiting from her continued counsel.”

Patel was named partner in 2006, within three years of joining the firm. As part of Goldman Sachs’ management committee in Europe, she was responsible for environmental, social and governance and impact investing.

Before Joining the asset management unit in 2009, Patel donned several roles in the equities division, including as US derivatives sales head and co-head of distribution in Asia.

Patel was appointed as GSAM chairman in September 2019. She has been based at GSAM’s Asia regional investment hub in Singapore for the last seven years.

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Patel was head of Trading Strategy at Morgan Stanley for seven years before joining Goldman Sachs.

Earlier this month, It was reported that Goldman Sachs is planning to establish a new base in Florida to house its asset management arm.

Last month, GSAM agreed to buy Rocaton Investment Advisors, which offers advisory and discretionary investment services to institutional investors.

In August this year, the company appointed Mathew McDermott as its new global head of digital assets as it eyes the development of its own fiat-tied token.

Last year, GSAM purchased a passive, non-voting minority equity stake in Canada’s Slate Asset Management.