Goldman Sachs Asset Management has brought in Jim O'Neill, its high-profile economist who is credited with coining the "BRIC" acronym, as chairman of the US company.

O'Neill was latterly the head of global economics, commodities and strategy research for Goldman Sachs & Co. In his new role, he will remain in London and report to Ed Forst and Tim O'Neill, the global co-heads of the investment management division. He will be working closely with divisional and portfolio management teams to develop new strategies for clients.

Earlier this year, O'Neill drew controversy for his role in trying to lead a group of "Red Knight" investors attempting to buy Manchester United, the UK football club, which is currently owned by the US-based Glazer family. Additionally, he occupies board seats in several charitable institutions and is one of the founding trustees of SHINE, a UK-based charity.

GSAM is the asset management unit of The Goldman Sachs Group. It reported $802 billion in assets under management as of 30 June 2010.