Goldman Sachs Asset Management (GSAM) has been appointed by Zorgeverzekeraar VGZ, a Dutch specialist health insurance firm, to manage its entire €1bn ($880m) investment portfolio.

GSAM will act as a fiduciary manager, responsible for asset allocation, benchmarking, risk budgeting, manager selection and monitoring of managers. VGZ elected to appoint external managers because it lacks the internal resources to continue providing its stakeholders with the best investment expertise, in an increasingly complex investment environment.