Goldman Sachs Group is set to promote Luke Sarsfield to co-head its asset management business, Bloomberg reported citing people familiar with the matter.

CEO David Solomon will announce Sarsfield’s promotion this week, the sources told the publication.

Luke Sarsfield will join Julian Salisbury in leading Goldman Sachs’ asset management unit, which manages $1.7trn in assets.

Salisbury solely led the unit for much of 2021, which is unlike Goldman Sachs that is known for placing at least two executives to run key businesses.

The US investment bank restructured its business lines in 2020 and merged its investment-management unit with its merchant bank.

The combined entity reported nearly $15bn in revenue in 2021.

The role alongside Salisbury has been vacant after previous co-head Eric Lane stepped down in March 2021.

Sarsfield brings nearly two decades of experience as a dealmaker during which he held several leadership roles.

In 2019, he was selected to run sales for asset management, where he was responsible for developing ties with the firm’s institutional and retail clients.

Last week, Goldman Sachs reported its Q4 2021 results, which saw profit dropping nearly 13% amid high operating expenses.

In the asset management arm, net revenues decreased 10% to $2.89bn.