Goldman Sachs Group Inc. is courting endowment heads to join its asset management group, according to three people with knowledge of the search.

The company started approaching chief investment officers at endowments, as well as money managers who oversee such assets, late last year, said the people, who declined to be identified because the search is not public. The bank is looking to expand its 50-employee portfolio-solutions team, which invests on behalf of clients and works on asset allocation, portfolio construction and manager selection, said Andrea Raphael, a spokeswoman for the New York company.

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