PGGM, the Dutch healthcare sector workers pension fund, has awarded a €1bn ($1.2bn) global tactical asset allocation mandate using derivatives to Goldman Sachs Asset Management. This is the 12th such mandate win for the investment house globally this year.

GSAM's tactical asset allocation strategy is designed to capture value opportunities across multiple countries, currencies and asset classes. Mandates involving the overlay of these strategies on institutional portfolios are increasing in popularity because of the potential of higher returns compared to traditional long-only mandates.