Goldman Sachs Wins $70B Retirement Asset Mandate from Verizon and Lockheed Martin

Goldman Sachs secured a $70 billion retirement-asset mandate from Verizon Communications and Lockheed Martin, including about $30 billion in pension assets and $40 billion in Verizon’s defined-contribution assets (e.g., 401(k)s). The deals highlight the trend of large employers outsourcing retirement management to specialized firms amid rising complexity, as competition among asset managers intensifies. Goldman aims for more stable, recurring revenue from outsourced investments; its outsourced CIO business had about $480 billion in assets as of March 31, with roughly $3.7 trillion in assets under management across its asset and wealth management division.