GSAM announces leadership changes to enhance public investing and multi-asset solutions
Goldman Sachs Asset Management (GSAM) has announced leadership changes within its fixed-income unit, following the recent appointment of a new head. Greg Calnon, the global head of multi-asset solutions, has been named co-head of the $2.4 trillion public investing business alongside Ashish Shah. The appointment was announced in a memo to employees by Marc Nachmann, the global head of the asset and wealth management group, and Julian Salisbury, the chief investment officer of asset and wealth management. Shah will continue to serve as the chief investment officer of public investing.
The asset and wealth management group at Goldman Sachs, which oversees $2.67 trillion, now includes one of the largest alternative investments businesses. In the memo, Nachmann and Salisbury highlighted the unit’s success, noting that 73 percent of the manager’s public investing assets are ranked in the top half of their peer group by Morningstar on a five-year basis. The growth of assets under the group’s supervision is attributed to the firm’s capitalization on new investment opportunities and the provision of tailored advice to clients.
According to Salisbury, the selection of Greg Calnon, who has been with Goldman Sachs for 22 years and previously led the outsourced chief investment officer business, as co-head of the public investing unit demonstrates the bank’s ongoing investment in the division. Salisbury emphasized that Goldman Sachs has a strong bench of experienced leaders and described Calnon as an “incredible culture-carrier” who has achieved success in the multi-asset solutions business.
In addition to the leadership changes in the multi-asset solutions business, GSAM announced that Tim Braude, head of the $210 billion outsourced chief investment officer (OCIO) business within multi-asset solutions, and Valentijn van Nieuwenhuijzen, chief strategist and head of multi-asset at NN Investment Partners, will become the new co-heads of Goldman’s multi-asset class solutions business. Both Braude and van Nieuwenhuijzen will report to Calnon and Shah.
Salisbury highlighted the importance of sustainability for pension funds and institutional investors when choosing an OCIO. He noted that Goldman’s strong position in outsourcing management and its focus on ESG investing in public markets enhance its credentials as a manager. Salisbury believes that the trend of outsourcing investment management will continue to progress in the future, particularly for pension plans that are nearly fully funded or overfunded.
Goldman Sachs is well-positioned to assist organizations considering migration to an OCIO model due to its capabilities in alternative investments and its ability to invest in third-party managers. The new leadership team is expected to strengthen Goldman’s position and increase its chances of winning such business opportunities.