Goldman Sachs Asset Management has secured a US$40 billion mandate from pension entities and a captive insurance company linked to Shell Plc and its subsidiaries.
The mandate is also one of the largest multi-national Outsourced Chief Investment Officer (OCIO) appointments in its history, Goldman Sachs Asset Management says in a statement on September 9.
The mandate, awarded after a competitive tender overseen by advisory firm Isio, covers international pension plan assets in Europe and advisory services for North American plans.
Shell’s pension trustees in each country set their own objectives and criteria before selecting Goldman Sachs, which will deliver bespoke services tailored to the needs of local asset pools.
Under the arrangement, Shell’s pension plans will gain access to Goldman Sachs’s investment platform across public and private markets.
Goldman Sachs Asset Management says the win affirms its leadership in the OCIO market, where it oversees nearly $450 billion globally. The Shell mandate includes £12.3 billion (US$15.6 billion) in the UK and 2.6 billion euros ($2.8 billion) in Germany, marking a significant expansion in the European OCIO landscape as pension funds and insurers seek outsourced solutions amid complex markets.
“Pension funds, insurers and other asset owners increasingly want differentiated alpha, holistic total portfolio advice and customised portfolio solutions,” says Marc Nachmann, global head of asset & wealth management at Goldman Sachs. “We are proud that Shell’s pension fund trustees across several countries have chosen to partner with us.”
Goldman Sachs Asset Management oversees $3.3 trillion in assets as of June 30, 2025.
