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. 

The appointment, which was made following a competitive tender process overseen by Isio, represents one of the largest ever multi-national outsourced chief investment officer (OCIO) mandates for Goldman Sachs, and is intended to help deliver performance and cost benefits through greater scale and efficiency.
 
However, 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. 

GSAM also confirmed that the asset pools in each respective market will be provided with bespoke and flexible services in order to meet 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 the global investment capabilities of Goldman Sachs across public and private markets.

GSAM said that the mandates, including the UK (USD 15.6bn) and Germany (USD 2.8bn) 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 also includes management of liability-driven investing (LDI) and cashflow-driven investing (CDI).

In addition to this, GSAM has been appointed to provide advisory services for Shell's pension plans in North America.

Commenting on the news, Goldman Sachs global head of asset & wealth management, Marc Nachmann, 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.”  

This builds on the news that Dutch Shell pension fund Stichting Shell Pensioenfonds (SSPF) had appointed BlackRock as its fiduciary manager in late 2024, having completed the transfer of asset management in July 2025.

This article originally appeared on our sister title, European Pensions.

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