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Separately Managed Account Capabilities

Amid an ever-changing economic climate it is important to provide our clients flexibility in managing their liquidity strategy so they can meet their financial objectives. At Goldman Sachs Asset Management (GSAM) we offer a full spectrum of money market and short duration fixed income strategies that allow our Liquidity Solutions team to tailor investment solutions that meet our clients’ unique liquidity needs in any market environment.

Though our separately managed accounts (SMAs) Liquidity Solutions demonstrates its depth and breadth of building global portfolios customized to specific risk and return objectives that include high credit quality investments and an unbiased credit review process that helps evaluate and manage risk in all interest rate environments.

A Demonstrated Investment Approach


1
Identify Liquidity Characteristics
  • Investment Horizon
  • Cash Flow Considerations
  • Tax Status
2
Formulate Investment Objectives and Establish Guidelines
  • Investment Horizon
  • Cash Flow Considerations
  • Tax Status
3
Construct Optimal Portfolio Allocation
Seek to:
  • Maximize Return
  • Diversify Risk
  • Hedge Unwanted Risk
4
Actively Manage Portfolio
  • Sector Allocation
  • Security Allocation
  • Yield Curve Structure
  • Daily Risk Management

Our Approach: How We Partner With Clients


Holistic Approach to Pension Management
+

Assist fiduciary committees in better understanding the impact of their decisions on the sponsor’s overall balance sheet.

Risk Management
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As liability management becomes a priority for the plan, our liability strategists and proprietary analytics can help plans manage toward end-game solutions.

Financial Markets
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GSAM’s global team provides access to expertise across financial markets and instruments.

Regulatory Environment
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Our dedicated pension strategists can help plans navigate a changing regulatory environment.

Key Differentiators


Combining our over 30-year track record in managing money market funds with our experienced team of fixed income investment professionals allows our team to construct a tailored multi-layered liquidity management strategy that adheres to Liquidity Solution’s three main investment principles:

  • Preservation of capital based on rigorous credit process 
  • Consideration of our clients’ liquidity needs based on their unique cash flow patterns
  • Maximizing yield potential by focusing on short- and long-term investment goal

Driven by our independent strategy teams and utilizing our global investment capabilities we seek to capture risk-adjusted global sources of value that can help our clients to achieve their investment objectives.

Our Process


1
Analyze and Diagnose
Plan-specific considerations, including:
  • Investment objectives
  • Plan size and funded status
  • Materiality
  • Discount rate methodology
  • Liability sensitivities
  • Derivatives usage
2
Construct and Implement
Bespoke portfolio solutions through:
  • Custom liability benchmarks
  • Liability-hedging portfolios
  • Capital allocation to external managers, where appropriate
3
Monitor and Manage
Portfolio solutions, utilizing a proprietary, fully integrated risk management system, including:
  • Liability-hedging program
  • Risk exposures based on evolving market dynamics
Global Presence and Local Insights
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Access to sophisticated global investment opportunities through our understanding of local markets.

Team Approach to Portfolio Management
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Confidence in the sustainability and integrity of the investment process.

Disciplined Process
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Investment returns that can be explained, and seek to be repeated.

Rigorous Risk Management
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Portfolios that support the risk/return profiles clients seek — and an understanding of what drives returns over time.