Marc Spilker, the head of Goldman Sachs' asset management unit has decided to retire from the company, according to an internal Goldman memo. Marc Spilker was with the firm since twenty years.

However, Spilker will turn over his responsibilities to Edward Forst, who rejoined the firm this September. The firm has decided that Mr. Forst will serve as co head of asset management with the current co head Tim O'Neal according to another memo of Goldman Sachs. Goldman Sachs Asset Management has roughly $822 billion in assets under management, including in private equity, hedge funds and other managed accounts.

Spilker had become the co CEO and co head of Goldman Sachs Asset Management in 2008. Though Mr. Spilker leaves the Goldman Sach's management team, he won't be leaving the company entirely. Now Mr. Spilker will hold the title of senior director of Goldman and will operate in an advisory capacity while not technically working for the company.

The new co head of the firm, Mr. Edward C. Forst is a former head of Goldman's investment management, worked at the company for 14 years and returned to the company last year after his brief service as an executive vice president at Harvard University.