Goldman Sachs Asset Management ‘s Asia Pacific chairman Oliver Bolitho will depart at the end of the year following a spell of 15 years at the firm.

Bolitho will become an advisory director of the firm after his departure.

Bolitho, who relocated to Hong Kong to head GSAM’s work in Asia Pacific ex-Japan in 2007, was named head of GSAM in Asia Pacific in 2009.

Bolitho has joined Goldman Sachs in 1998. He became head of the fund manager’s UK and Irish institutional business in 2001 and was named a managing director in 2003 and partner in 2008. Bolitho became chairman of Goldman Sachs Asset Management in 2012.

Bolitho departure follows the hire of Sheila Patel, who was co-chief of GSAM for Europe, the Middle East and Africa took over the new role as the new head of its Asia business excluding Japan.

The firm said: "Oliver has played an important role in the expansion of our franchise in Asia Pacific, helping to drive our strategy and deepen our leadership team, as well as developing significant relationships with a number of clients across the region."

GSAM had US$878 billion in assets under management at the end of September.