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Goldman Sachs Asset Management Appointed by Various Shell Pension Funds for $40bn Outsourced Chief Investment Officer and Investment Advisory Pension Plan Mandate

September 9, 2025 | 1 minute read
  • Various Shell pension plans have access to the global investment capabilities of Goldman Sachs.
  • The appointments mark one of the largest multi-national OCIO mandates awarded to date. 
     

NEW YORK – September 9, 2025 – Goldman Sachs Asset Management today announced that it has been appointed by various pension entities and a captive insurance company related to Shell Plc and its subsidiaries to manage a $40 billion mandate for international pension plan assets in Europe and provide advisory services for pension plans in North America.

The appointment represents one of the largest ever multi-national Outsourced Chief Investment Officer (“OCIO”) mandates for Goldman Sachs and follows a competitive tender process, overseen by Isio.

Each individual pension fund set clear objectives and selection criteria for the tender process, met with potential candidates locally and ultimately made their own selection decision. The asset pools in each respective market will be provided with bespoke and flexible services in order to meet their varying needs and objectives.

Shell’s pension plan trustees will have access to the global investment capabilities of Goldman Sachs across public and private markets1. The appointment seeks to deliver performance and cost benefits for the asset pools through the greater scale and efficiency that Goldman Sachs can achieve as one of the world’s leading asset managers with more than $3 trillion in assets under supervision.2

The transitions are expected to complete later in 2025.

The appointment affirms Goldman Sachs Asset Management’s position as a leading OCIO manager, with nearly $450 billion in OCIO assets under supervision globally. The Shell mandates, including the UK ($15.6 billion) and Germany ($2.8 billion) represent a significant step forward in the wider European OCIO market, as pension plans, insurers and other asset owners recognize the potential governance, performance and cost benefits of outsourced solutions in an increasingly complex environment.

Some of the mandate includes management of liability driven investing (LDI) and cashflow driven investing (CDI), expanding Goldman Sachs Asset Management’s position in LDI and CDI markets, adding to the approximately $300 billion managed by the firm globally in LDI and CDI portfolios.

Marc Nachmann, global head of Asset & Wealth Management at Goldman Sachs, said: 

“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.”

Chloe Kipling, co-head of the EMEA Institutional Client Coverage at Goldman Sachs Asset Management, said: 

“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.”

About Goldman Sachs Asset Management 

Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees approximately $3.3 trillion in assets under supervision as of June 30, 2025. Follow us on LinkedIn.

Media Contacts

For Goldman Sachs: Mary Athridge: Mary.Athridge@gs.com

 

1 Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

2 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.

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