Economist and Red Knight Jim O’Neill to retire

MANCHESTER-born economist Jim O’Neill – who famously coined the term BRICs  -is to retire from global investment bank Goldman Sachs, it has been announced.

Mr O’Neill, 55, a lifelong Manchester United fan and leading figure in the ‘Red Knights’ group of senior figures that wanted to buy the club from the Glazer family, was praised for “nearly 20 years of outstanding service” by Lloyd Blankfein the boss of the Wall Street-based bank.

Mr Blankfein said: “Jim’s BRIC thesis has challenged conventional thinking about emerging markets and, as a result, has had a significant economic and social impact.”

The bank did not say when this year Mr O’Neill would be standing down as chairman of Goldman Sachs Asset Management.

Born in Burnage, Mr O’Neill is a former director of Manchester United, and despite living in the south, retains strong links with Manchester and has a close relationship with city council chief Sir Howard Bernstein.

He is also chairman of the Greater Manchester Local Enterprise Partnership Advisory panel.