EUROPE - Goldman Sachs Asset Management saw its European institutional assets under management climb 43% in 2004 to hit e44bn by year-end.
Suzanne Donohoe, co-head of GSAM, Europe said: “In the institutional arena we have experienced strong momentum in the UK, Ireland, Germany, Austria, Holland, the Nordic region, Switzerland and the Middle East.
“European institutional assets under management have increased by 43% in dollar terms from US$40.7bn (e33.9bn) to US$58.5bn (e44bn).
“The three years of bear markets have sharpened the industry’s focus on the core issues of solving pension fund deficits and matching liabilities.”
GSAM said it won almost 30 new institutional mandates in UK and Ireland during the year.
Notable wins in the Netherlands include a e1bn GTAA brief awarded by PGGM and UK mandates included a £940m UK equity brief from the Universities Superannuation Scheme and a £100m US enhanced index brief from Lothian pension fund.
Donohoe added: “In 2005 we expect continued demand for creative and forward-thinking investment strategies to address the dynamic environment in which we operate.
“The European market is a fast-growing part of GSAM’s global business and we remain committed to allocating resources to both portfolio management and distribution, in line with the expansion of our business.”
GSAM saw its institutional assets in Continental Europe, the Middle East and Africa grow 45% in dollar terms over the year. The firm said it experienced particularly strong growth in the German institutional market with assets almost doubling, reflecting demand for currency, global tactical asset allocation, quantitative equity, high yield and hedge funds.
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