GSAM Surprises, NISA & LGIMA Persist in LDI Survey

Goldman’s debut sees it outrank industry stalwarts in CIO’s annual survey.

Goldman Sachs Asset Management (GSAM) was the surprise package in Chief Investment Officer’s latest survey of the liability-driven investing (LDI) market.

GSAM was rated 4.83 out of 5 by respondents to the survey for its overall LDI offering, beating competition from Legal & General Investment Management America (LGIMA) and industry legend NISA Investment Advisors.

The group received particularly high ratings for knowledge sharing and generating new ideas. GSAM was also highly rated for its responsiveness and the accessibility of its investment team.

NISA’s 4.77 rating was nevertheless a strong showing in second place—scoring strongly for responsiveness in particular—with LGIMA rated 4.71. LGIMA’s score was the most improved since the 2014 survey, rising from 4.33, thanks in part to a strong rating for funded-status attribution.

PIMCO received the most responses of any provider (28), and scored 4.16 for its overall offering—helped by robust responsiveness scores.

Nine providers were rated in total, including JP Morgan Asset Management, Loomis Sayles, Standish Mellon, BlackRock, and Prudential.

Providers were rated by their clients in seven categories: responsiveness to general enquiries, timely performance reporting, new ideas and solutions, knowledge sharing, accessibility of investment team, funded-status attribution, and overall offering.

As well as vendor ratings, CIO’s survey also covered industry trends, monitoring the development of pension funds’ LDI strategies, fixed income allocations, derivatives use, and glidepaths.

See the full 2015 Liability-Driven Investment Survey.

Related: 2014 Liability-Driven Investment Survey

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