Goldman Sachs Asset Management has been selected by multiple pension entities and a captive insurance company affiliated with Shell Plc and its subsidiaries to manage a $40 billion mandate covering international pension plan assets across Europe, along with advisory services for North American pension plans. This appointment marks one of the largest multi-national Outsourced Chief Investment Officer (OCIO) mandates in Goldman Sachs’ history and follows a competitive selection process overseen by consultancy firm Isio.
Each participating pension fund conducted its own evaluation, setting distinct objectives and criteria before making independent decisions. The resulting structure allows Goldman Sachs to deliver tailored investment solutions that meet the specific needs of each asset pool, offering flexibility across geographies and plan types.
Shell’s pension trustees will now have access to Goldman Sachs’ global investment platform, spanning both public and private markets. The firm’s scale—managing over $3 trillion in assets—enables it to deliver cost efficiencies and performance advantages that are increasingly sought after in today’s complex investment landscape.
The transition is expected to be completed by the end of 2025 and will include oversight of pension assets in the UK, valued at $15.6 billion, and in Germany, totaling $2.8 billion. These mandates represent a major expansion of Goldman Sachs’ footprint in the European OCIO market, where institutional investors are increasingly turning to outsourced solutions to enhance governance and streamline operations.
In addition to traditional asset management, the mandate includes responsibility for liability driven investing (LDI) and cashflow driven investing (CDI), further strengthening Goldman Sachs’ position in these specialized areas. The firm currently manages approximately $300 billion globally in LDI and CDI portfolios, and this new engagement adds meaningful scale to its capabilities.
With nearly $450 billion in OCIO assets under supervision worldwide, Goldman Sachs Asset Management continues to solidify its role as a trusted partner for institutional investors navigating the challenges of long-term capital stewardship. This latest appointment also underscores the firm’s ability to deliver customized, high-impact investment strategies across borders and asset classes.
KEY QUOTES:
“Pension funds, insurers and other asset owners increasingly want differentiated alpha, holistic total portfolio advice and customized portfolio solutions, delivered through an exceptional client experience. They recognize that OCIO partners can have deeper investment expertise, technology resources, and operational infrastructure to help meet objectives. We are proud that Shell’s pension fund Trustees across several countries have chosen to partner with us to deliver the full capabilities of Goldman Sachs for their members.”
Marc Nachmann, global head of Asset & Wealth Management at Goldman Sachs
“Our approach to OCIO services is underpinned by extensive risk management experience and driven by a focus on building strong client partnerships. We look forward to implementing bespoke solutions that seek to manage risk, generate cashflow and deliver sustainable returns on behalf of members of the Shell international plans.”
Chloe Kipling, co-head of the EMEA Institutional Client Coverage at Goldman Sachs Asset Management
