Goldman Sachs bolsters asset management unit with new adviser

Goldman Sachs Group Inc’s (GS.N) asset management arm has hired Elizabeth Burton to advise its institutional clients, according to an internal memo seen by Reuters on Thursday, as the bank seeks to bolster the unit following a slump in revenue.

Burton will be a managing director and client investment strategist at the Wall Street bank’s client solutions and capital markets (CSCM) business in New York, according to the memo.

Burton, who will report to Chris Kojima, global head of CSCM at Goldman Sachs Asset Management, has served as the chief investment officer at the Employees’ Retirement System of the State of Hawaii.

Market turbulence due to the Ukraine crisis and runaway inflation have hurt Goldman’s asset management unit, which reported a 79% drop in revenue in the second quarter, compared to the previous year.