Verizon and Lockheed Martin shift $70 billion in retirement assets to Goldman Sachs, boosting its outsourced investment management business.
Goldman Sachs will manage $70 billion in retirement assets from Verizon Communications and Lockheed Martin, marking one of the largest recent deals in outsourced corporate investing. Verizon’s defined-contribution assets, primarily 401(k) plans, account for $40 billion of the total, while the remaining $30 billion includes pension assets from both firms.
The move reflects a broader trend of large employers outsourcing retirement portfolio management to specialized firms amid growing complexity in public and private markets. Competitors like BlackRock, Russell Investments, and Mercer vie for similar mandates in the outsourced chief investment officer space.
Goldman’s outsourced CIO unit already oversees approximately $480 billion, part of a $3.7 trillion asset and wealth management division. The firm cited consolidation among plan sponsors seeking expertise and platform depth as a key driver for the deals.