Goldman Sachs Asset Management has won a mandate to manage around £23bn of defined pension scheme assets on behalf of BAE Systems, making it the largest outsourcing investment contract of its kind to date in the UK.

The trustees of BAE Systems Pension Scheme and BAE Systems Executive Pension Scheme have appointed GSAM to provide investment services, which will see the scheme's in-house investment management team join GSAM towards the end of 2023.