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Impact Investing

IPE special report May 2018


PGGM's E1bn tactical award

Dutch pension fund PGGM has awarded a global tactical asset allocation mandate to Goldman Sachs Asset Management (GSAM) worth a notional E1bn.
GSAM says it has been appointed by the E53bn health care pension scheme “to manage a substantial global tactical asset allocation mandate using derivatives”.
“The allocated risk to this portfolio is the equivalent of 1bn notional with approximately 4% targeted tracking error.”
PGGM spokeswoman Ellen Habermehl says: “Via this overlay-product we expect a higher performance with our tactical asset allocation strategy. After an extensive searching process GS came closest to the profile we had in mind.” She said the fund did not use a consultant.
“PGGM has been very forward looking by incorporating a GTAA programme as part of their active risk budget,” said Mark Carhart, co-chief investment officer of quantitative strategies for GSAM.
“PGGM’s search process was one of the most extensive we’ve been through, so we are particularly excited to have been chosen as their first manager in this area.”
GSAM said its GTAA team won 11 new mandates in Europe last year, and three so far this year. It has a notional E3 bn in GTAA assets under management.

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