Goldman Sachs Asset Management (GSAM) has won three sub-advisory mandates worth $450m (€420m) from RMB Asset Management, one of South Africa's largest asset management firms.

The mandates will be run by GSAM's quantitative equity group in New York. GSAM will manage $215m for RMB's Dublin funds and $181m for its Luxembourg funds. Both are global equities portfolios with tactical asset allocation overlays, benchmarked against the MSCI World Index. The third fund, worth $53m, is a US core equity mandate managed against the S&P 500 and is also part of RMB's Luxembourg funds.