Goldman Sachs 2003 Annual Report Download - page 23

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GOLDMAN SACHS 2003 ANNUAL REPORT 20
GENERAL MOTORS CORPORATION
General Motors (GM) asked Goldman Sachs
Asset Management (GSAM) to propose an
investment strategy that would reduce the
volatility of GM’s pension portfolio without
compromising its targeted return.
GM, with the largest corporate pension plan in
the U.S., sought an innovative structure to
invest $1 billion in new pension assets. GSAM’s
tailored solution was adopted by GM and
involves a diversified portfolio of equity, fixed
income and alternative investments, focused
on capturing absolute returns uncorrelated to
the equity and fixed income markets.
The Broad Scope Mandate, which utilizes
GSAM’s cutting-edge, flexible approach called
Active Alpha Investing, will play an important
role in helping GM provide pension benefits to
its 460,000 active and retired employees.
from left to right:
Larry Kellerman, Mark Jenkins, Marc Nachmann, Robert Mancini, Steven Bunkin, Sabrina Liak, Leslie Biddle, Gaurav Bhandari,
Bob Litterman, Mark Carhart, Scott McDermott, Alec Stais, Lisa Rotenberg