The Goldman Sachs Group Inc. announced that it has invited 115 people to join the firm’s partnership pool, and 262 people are to become managing directors.

The appointments take effect as of November 25, which is the start of the firm’s fiscal year. The Partnership Pool was established at the time of Goldman Sachs’ public offering in May 1999 to maintain various core aspects of the firm’s partnership culture among its leaders, including teamwork, client focus and a commitment to excellence. Goldman Sachs chooses new managing directors annually and new Partnership Pool members biennially.

“This is an outstanding group of leaders, who are helping drive the growth of the firm as we serve our clients in an ever increasing number of businesses around the world,” said Lloyd Blankfein, chairman and CEO of Goldman, Sachs & Co.