Goldman Sachs Wants to Be the King of Outsourced CIOs

goldmansachs1The outsourced chief investment officer (OCIO) industry has grown quickly over the past five years. Both traditional investment consultants, niche boutiques, non-profit companies and asset managers have launched OCIO services. 2015 was the beginning of industry consolidation in world of OCIO, as larger, well-resourced firms devoured smaller boutiques. For example, in April 2015, Goldman Sachs Asset Management acquired New York-based Pacific Global Advisors LLC from the Pacific Life Insurance Company. Established in 2005 within JPMorgan Chase & Co.’s investment bank, Pacific Global Advisors was an OCIO provider that focused on corporate pensions, overseeing more than US$ 2.84 billion in retirement assets and more than US$ 18 billion in total assets under supervision at the time of the deal. Some of Pacific Global Advisors clients were pensions, endowments, nuclear decommissioning trusts and voluntary employee beneficiary associations. Goldman Sachs wasn’t doing the deal purely for the assets under management, but also the personnel.

Goldman Sachs Asset Management is keen on growing its unit called the global portfolio solutions group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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