Goldman Sachs Executive Who Coined 'BRIC' Term to Retire

Jim O'Neill, the chairman of Goldman Sachs Group's asset-management division who coined the popular term "BRIC" to refer to four fast-growing emerging markets, will retire later this year, according to an internal memo.

O'Neill is an economist by training who joined the firm in 1995 as a partner, said the memo, which was signed by Goldman Sachs Chief Executive Lloyd Blankfein.

He is perhaps best known for coming up with the BRIC acronym in 2001, which identified Brazil, Russia, India and China as top emerging markets where investors could put their money for high returns.

O'Neill was on CNBC's "Squawk Box" on Tuesday and made no mention of his retirement.