Goldman wins biggest money management mandate

Lloyd Fonzie Blankfein

Goldman Sachs got its largest-ever assignment to manage money for New York State’s largest pension fund.

The New York Times reports that the New York State Common Retirement Fund is hiring Goldman to manage $2 billion of the $180bn it holds for New York State employees. Goldman will also be advising the fund more broadly on its entire $100bn portfolio of stocks.

Goldman pursued the deal for a year and a half, before winning the assignment recently, according to a person at the fund briefed on the deal. It is the largest such assignment Goldman has ever received. The Wall Street firm does similar work for the South Carolina state pension fund and the State of Alaska’s investment fund, among others.

Hit the link below to access the complete New York Times article:

Goldman Hired to Manage $2 Billion of New York Public Pension Fund

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