Goldman Sachs Lands $70 Billion in Retirement Asset Deals with Verizon and Lockheed Martin

TLDR

• Goldman Sachs has won deals to manage $70 billion in retirement assets for Verizon and Lockheed Martin
• The total breaks down as $40 billion in Verizon 401(k) assets and $30 billion in pension assets across both companies
• Large employers are increasingly outsourcing retirement asset management to specialist firms
• Goldman’s outsourced CIO unit already manages around $480 billion in assets
• The deals support Goldman’s push to grow stable, recurring revenue away from volatile trading income

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Goldman Sachs announced Thursday it has secured mandates to manage a combined $70 billion in retirement assets for two of America’s largest companies — Verizon Communications and Lockheed Martin.

BREAKING: Goldman Sachs won deals with Verizon Communications and Lockheed Martin to manage a combined $70 billion in retirement assets. pic.twitter.com/TQvBBvxFfV

— Short Squeez (@shortsqueeznews) July 9, 2026

The deal is one of the largest recent wins in the outsourced corporate investing space.

Of the total, $40 billion comes from Verizon’s defined-contribution retirement assets, which are typically held in 401(k) plans. The remaining $30 billion covers pension assets split across both Verizon and Lockheed Martin, though Goldman did not break down the individual split between the two companies.

A Growing Market for Outsourced Investing

Large employers are increasingly handing over the day-to-day management of retirement funds to outside firms. As portfolios grow in size and complexity — spanning both public and private markets — companies are looking for specialist partners to handle the work.

Goldman is not alone in chasing this business. BlackRock, Russell Investments, and Mercer are among the firms competing for similar mandates in what has become a crowded and fast-growing market.

Marc Nachmann, Goldman’s global head of asset and wealth management, said in a statement: “Large plan sponsors are consolidating responsibilities with one partner with the investment expertise and depth of platform to manage their bespoke needs.”

Goldman’s Push for Stable Revenue

The deals fit into a broader strategy at Goldman Sachs. The bank has been working to grow revenue streams that are steady and predictable, rather than relying heavily on trading desks and deal-making, which can swing sharply from year to year.

Retirement mandates are particularly attractive for this reason. Once secured, they tend to generate fees that flow consistently over many years.

Goldman’s outsourced chief investment officer business managed around $480 billion in assets as of March 31 this year. That unit sits within the firm’s broader asset and wealth management division, which oversees roughly $3.7 trillion in total investments.

The firm’s investment banking fees reached $2.84 billion in the most recent quarter, up nearly 50% from the same period a year earlier. Goldman has also been collecting fees tied to bond underwriting and advisory work connected to AI infrastructure spending.

The Verizon and Lockheed Martin mandates add to a growing book of long-term institutional business that Goldman is using to balance out the more unpredictable parts of its operations.

The deals were disclosed Thursday morning and are among the more sizeable recent announcements in the outsourced investing space.