A Goldman Sachs partner who co-headed European equity research is retiring after 18 years at the firm

An internal memo, seen by Business Insider, said Goldman Sachs' EMEA equity research head Richard Manley will retire.

John Sawtell will be sole leader of the group.

Goldman Sachs' co-head of equity research in Europe, the Middle East and Africa is retiring, according to an internal memo on Thursday seen by Business Insider.

The team will be headed solely now by John Sawtell, who was co-head alongside Manley.

Manley, who was a Goldman partner, also led ESG, or environmental social governance, research at the bank. He was named managing director in 2007 and partner in 2014, according to the memo, sent by global investment research chief Steve Strongin.

A Goldman Sachs spokesman confirmed Manley's departure in an email.

Below is the full text of the memo.

Richard Manley to Retire From Goldman Sachs

After 18 years of distinguished service, Richard Manley, co-head of EMEA Equity Research within Global Investment Research (GIR), has decided to retire from the firm.

Since joining GIR in 2001, Richard has made significant contributions to the Equity Research business globally. Beyond his contributions to the business, Richard has invested his time in helping our people navigate their careers both as a leader and a mentor.

Richard joined the firm as part of the European Energy Equity Research team. He subsequently founded Tactical Research in Europe. In that capacity he spearheaded building the regional Investment Review Committee infrastructure and introduced the platform for dividend and swap research out of Europe. In 2010, Richard relocated to Asia to join the Equity Research Management team as the regional chief investment officer. He later became co-head of Asia Pacific Equity Research.

Richard has also helped to drive global thematic content over the course of his career. He has overseen GS SUSTAIN and has most recently served as head of Global Thematic Stock and Environmental, Social and Governance research.

Richard has served as a member of the Asia Pacific Commitments Committee and the EMEA Inclusion & Diversity Committee. He was named managing director in 2007 and partner in 2014.

Please join me in thanking Richard for his many contributions to GIR and the firm, and in wishing him and his family the best in the years ahead.

Steve Strongin