Key Takeaways
- • Goldman Sachs Asset Management (GSAM) has been appointed by various Shell-related pension entities and a captive insurance company to manage a USD 40bn (£29bn) international pension plan asset mandate in Europe.
- • The mandate followed a competitive tender process overseen by Isio and represents one of the largest multi-national OCIO mandates ever awarded to Goldman Sachs.
- • The UK (USD 15.6bn) and Germany (USD 2.8bn) allocations are the largest identified components, with transitions expected to complete later in 2025.
- • The mandate includes liability-driven investing (LDI) and cashflow-driven investing (CDI) management, plus advisory services for Shell's North American pension plans.
- • Each pension fund set its own objectives and selection criteria and made its own selection decision after meeting candidates locally.
Summary
Goldman Sachs Asset Management has been appointed by various pension entities and a captive insurance company related to Shell Plc to manage a USD 40bn (£29bn) mandate for international pension plan assets in Europe, according to the original report from Pensions Age. The appointment followed a competitive tender process overseen by Isio. The article describes the mandate as one of the largest multi-national outsourced chief investment officer (OCIO) mandates ever awarded to Goldman Sachs, intended to deliver performance and cost benefits through greater scale and efficiency.
Each individual pension fund set clear objectives and selection criteria for the tender, met with potential candidates locally, and made its own selection decision. GSAM confirmed that the asset pools in each market will receive bespoke and flexible services tailored to their varying needs and objectives. Following the transitions, which are expected to be completed later in 2025, Shell's pension plan trustees will have access to Goldman Sachs' global investment capabilities across public and private markets.
The UK (USD 15.6bn) and Germany (USD 2.8bn) mandates are the largest identified components. GSAM described the mandates as a "significant step forward" in the wider European OCIO market, as pension plans, insurers and other asset owners increasingly recognize the governance, performance and cost benefits of outsourced solutions. Part of the mandate covers LDI and CDI management. GSAM has also been appointed to provide advisory services for Shell's pension plans in North America.
Marc Nachmann, Goldman Sachs global head of asset and wealth management, said asset owners increasingly want differentiated alpha, holistic total portfolio advice and customized portfolio solutions. He added that the trustees of Shell's pension funds across several countries chose to partner with the firm to deliver the full capabilities of Goldman Sachs for their members.
The announcement builds on earlier news that Dutch Shell pension fund Stichting Shell Pensioenfonds (SSPF) appointed BlackRock as its fiduciary manager in late 2024, with the transfer of asset management completed in July 2025. This article originally appeared on the sister title European Pensions.
Each individual pension fund set clear objectives and selection criteria for the tender, met with potential candidates locally, and made its own selection decision. GSAM confirmed that the asset pools in each market will receive bespoke and flexible services tailored to their varying needs and objectives. Following the transitions, which are expected to be completed later in 2025, Shell's pension plan trustees will have access to Goldman Sachs' global investment capabilities across public and private markets.
The UK (USD 15.6bn) and Germany (USD 2.8bn) mandates are the largest identified components. GSAM described the mandates as a "significant step forward" in the wider European OCIO market, as pension plans, insurers and other asset owners increasingly recognize the governance, performance and cost benefits of outsourced solutions. Part of the mandate covers LDI and CDI management. GSAM has also been appointed to provide advisory services for Shell's pension plans in North America.
Marc Nachmann, Goldman Sachs global head of asset and wealth management, said asset owners increasingly want differentiated alpha, holistic total portfolio advice and customized portfolio solutions. He added that the trustees of Shell's pension funds across several countries chose to partner with the firm to deliver the full capabilities of Goldman Sachs for their members.
The announcement builds on earlier news that Dutch Shell pension fund Stichting Shell Pensioenfonds (SSPF) appointed BlackRock as its fiduciary manager in late 2024, with the transfer of asset management completed in July 2025. This article originally appeared on the sister title European Pensions.
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