Goldman's head quant Derman to retire

Emanuel Derman, head of Goldman Sachs' quantitative risk strategies group in firmwide risk, will retire from the firm in June.

Goldman Sachs' chief financial officer David Viniar and chief administrative officer Barry Zubrow said in an internal memo that Derman was leaving to spend time writing and pursuing his interests in research. But it is rumoured he may take on a role in academia.

Derman joined Goldman in 1985 in its financial strategies group, where he worked with Fischer Black and Bill Toy on the research that led to the 1990 Black-Derman-Toy yield-curve model. He then headed the modelling group that developed