Zorgverzekeraar VGZ, Nijmegen, Netherlands, hired Goldman Sachs Asset Management to run its entire investment portfolio of 922 million euros ($812 million) in a fiduciary mandate, said Bert Rensen, VGZ spokesman. GSAM replaces ABN AMRO, Fortis and Robeco, which ran 230 million euros each in balanced portfolios. GSAM had managed a 230 million euro balanced portfolio for the company.
Mr. Rensen said performance of the three incumbent managers had been "very good but VGZ wanted a manager that could handle all aspects of running the portfolio.
GSAM will be responsible for asset allocation, benchmarking, risk budgeting, manager selection and manager monitoring, said Ruud Hendricks, GSAM head of institutional sales and marketing-continental Europe (excluding Austria and Germany), Middle East and Africa.