Goldman Sachs Asset Management secured another jumbo outsourced CIO mandate this week: Eli Lilly and Co. will outsource the fiduciary management of approximately $25 billion of the company’s U.S. and Puerto Rico retirement plan assets, GSAM announced Wednesday.
GSAM is expected to fully administer the investment management of the plan assets, starting in the fourth quarter of the year. The mandate, which will cover both and defined contribution plan assets, will add to GSAM’s existing $450 billion in OCIO assets, as of September 30. The firm recently announced a $40 billion OCIO mandate with Shell’s European pension funds. The company announced in May 2024 a $43.4 billion OCIO mandate with UPS.
Long-time Eli Lilly CIO Susan Ridlen, who worked at the company for 34 years, including nearly 21 as CIO, retired in August.
“We are proud to continue offering market-leading retirement benefits and are excited to collaborate with Goldman Sachs Asset Management to deliver these vital programs for our employees and retirees,” said Eric Dozier, Eli Lilly’s chief people officer, in a statement.
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Tags: Eli Lilly, Goldman Sachs Asset Management, OCIO, Outsourced CIO