UK - Goldman Sachs Asset Management has clinched nearly £100m in new business wins with four mandates during the last 12 months.
The appointments comprise two European equity briefs, two sub-contracted mandates from Northern Trust Global Advisors for a combined £42.8m and a sub-contracted £30m sterling corporate bond brief for Skandia Investment Management.
The fund manager was also appointed to a £49m passive equity US enhanced index brief by Shropshire County Council Pension Fund and a consultancy and management brief for the £970m Staffordshire County Council Pension Fund on asset allocation.
Co-head of GSAM Europe Suzanne Donohoe said the last 12 months had seen some significant wins. And she expects 2004 to be even stronger.
Donohoe said: “As the search for alpha picks up pace, we have seen significant flows across our range of specialist strategies.
“In 2004 we believe pension funds will have demand for strategies that can provide additional alpha with low correlation, cost-efficiency and little capital outlay.
“This may include overlay mandates, such as currency and asset allocation, which have low correlation with other asset classes, as well as unconstrained mandates in both equities and bonds.”
The fund manager says hedge funds and absolute return products, in particular, are starting to gain increasing acceptance.
Donohoe added: “Increasingly trustees and consultants are looking to fund managers to provide asset liability solutions and we therefore envisage demand for mandates with liability-based benchmarks.”
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