By Justin Baer 

Goldman Sachs Group Inc.'s asset-management arm has joined with a New York public-employee pension fund in a $2 billion portfolio of stocks.

Under the agreement, New York State Common Retirement Fund earmarked $2 billion to a group of equity money managers. Goldman will in turn pick the managers, while also advising the New York pension on other stock investments, the state Comptroller's Office said Wednesday.

It is the first partnership of its kind for the pension fund, which oversees $180.7 billion on behalf of more than a million government employees and retirees.

Goldman's deal with New York marks the latest pact between large public pensions and outside money managers, private-equity and hedge-fund managers.

"Working closely and creatively with GSAM's team and their resources will extend the reach of the fund's global investment team." Vicki Fuller, chief investment officer at the retirement fund, said in a statement.

Write to Justin Baer at justin.baer@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Goldman Sachs Charts.
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Goldman Sachs Charts.