Eric M. Kirsch Joins Goldman Sachs Asset Management to Head Its Global Insurance Asset Management Business

Goldman Sachs Asset Management (GSAM) announced today that Eric M. Kirsch will be joining GSAM in early summer as Head of Global Insurance Asset Management. In this position, he will oversee distribution, portfolio management, accounting operations and other services that are critical to delivering outsourcing solutions to insurance clients. He was previously the Global Head of Deutsche Asset Management’s insurance business overseeing about $140 billion of assets. In a joint statement, Peter Kraus and Eric Schwartz, co-heads of the Investment Management Division said: "This is an important new position for us and reflects our continuing commitment to building our global insurance business and taking part in the growing industry trend of insurers’ outsourcing investments from traditional fixed income to alternatives. Eric will focus on bringing the strengths of GSAM’s boutique investment platform to expand our current services in the insurance industry.” Jonathan Beinner and Tom Kenny, co-heads of US and Global Fixed Income for GSAM, noted that, "GSAM already has a substantial global insurance client base and deep institutional relationships. Eric’s extensive experience in insurance product development, investment management oversight, asset allocation, distribution, and client service will be invaluable to our global business in this area. John Gauthier, Head of Fixed Income Insurance Portfolio Management, and his team are looking forward to working with Eric.” "We are delighted to have such a respected professional join our team, and we know that our insurance clients will view this addition very positively,” said Suzanne Donohoe, head of GSAM’s North American Client business. "He has worked extensively with senior managements of insurance companies on a global basis delivering partial and full outsourcing solutions. With a market size of nearly $17 trillion, we are committed to pursuing opportunities in building a substantial business in the insurance industry sector, and Eric is ideally suited to lead that effort.” In addition to being the Global Head of Deutsche Asset Management’s global insurance asset management business, during his tenure Mr. Kirsch served as Head of the North American Fixed Income Department, Group Head of the US Fixed Income Department, Group Head of the Structured Fixed Income Department, and Group Head of the Stable Value Group. Mr. Kirsch earned a BBA from Baruch College in 1987 and an MBA from Pace University in 1989. He is also a Chartered Financial Analyst (1990). Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $719 billion as of March 31, 2007. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1989 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is leading global investment banking, securities and investment management firm.