Goldman asset management aims to double insurance, pension assets in 5 years

    Goldman Sachs NYC

    Insurance companies and pension plans could feed as much as $150 billion into Goldman Sachs Asset Management, the firm says.

    Large institutional investors are outsourcing more of their portfolios to asset managers, reports Bloomberg. GSAM managed $171 billion in institutional assets at the end of March, up from $74 billion at the end of 2009. Writes Bloomberg:

    “Low rates have been a particular challenge for clients managing long-term liability portfolios such as insurance companies and pension funds,” Goldman Sachs President Gary Cohn, 54, said. There is “growing client demand for both insurance and pension outsourcing,” he said.


    Earlier this year the firm’s investment management heads said they planned to increase revenue by more than 10% a year, and pointed out pensions and insurance clients as drivers for that growth. Goldman announced the purchase of a portion of Pacific Life Insurance in April, which adds an additional $18 billion in pension assets to its wheelhouse.

    Photo: Spoon Monkey via Flickr.