Bill McDermott Joins Goldman Sachs Asset Management as Head of the Institutional Defined Contribution Business

February 3, 2010

NEW YORK, Feb. 3, 2010 – Goldman Sachs Asset Management (GSAM) announced today that Bill McDermott has joined GSAM as Head of the Institutional Defined Contribution business. In this role, he will oversee GSAM’s well-established institutional sector, which supports Fortune 500 corporations and other large organizations.

McDermott will report directly to Jim McNamara, Managing Director and head of GSAM's Global Third Party and U.S. Institutional Distribution businesses, responsible for all defined contribution lines of business for GSAM.

“Investing in high-caliber talent like Bill McDermott underscores our firm’s continued commitment to excellence in serving the DC market,” said McNamara.  “Our DC business is backed by the full breadth of Goldman Sachs’ research platform, diverse investment offerings and risk management expertise. From platform providers and plan sponsors, to consultants and financial advisors, we strive to deliver thoughtfully constructed solutions to help clients provide a successful retirement for participants.”

McDermott brings more than 20 years of financial services leadership and sales experience in the institutional market. McDermott was previously Executive Vice President, Corporate Markets, at AXA Equitable Life Insurance Company. Prior to AXA, he spent 12 years in executive management at Fidelity Investments, where he was responsible for growing large corporate market and client solutions groups. Earlier in his career, McDermott was a partner with Hewitt Associates and held business development roles at Metropolitan Life.  McDermott earned his bachelor’s degree from Villanova University.

The Goldman Sachs Asset Management Retirement Services Group seeks to extend GSAM’s best thinking in Defined Benefit investment policy design to the Defined Contribution market with a diverse offering that includes a broad range of investments across traditional, exotic beta and alternative investments.  GSAM provides DC plan clients the flexibility to build an investment line-up that targets plan participants’ needs as either a core investment option or as a strategic complement to existing investments offered within a plan. Regardless of size, GSAM offers an investment solution that can meet the needs of plans including multiple pooled and commingled vehicles and customized strategic solutions. 

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $871 billion as of December 31, 2009. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1989 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.