Goldman Sachs Wins $70B Asset Mandates From Verizon, Lockheed

Goldman Sachs has won two outsourced chief investment officer mandates totaling $70 billion in assets from Verizon and Lockheed Martin, a major set of retirement-plan investment assignments that expands the firm’s institutional asset management business.

The mandates involve taking on day-to-day investment management responsibilities for assets tied to the companies’ retirement plans. The wins were reported by CNBC and Pensions & Investments, which described them as two OCIO mandate awards totaling $70 billion.

Verizon and Lockheed Martin are among the largest U.S. corporate retirement-plan sponsors, and OCIO arrangements typically place investment decision-making, manager selection, and portfolio oversight with an outside firm. Goldman Sachs, through its asset management unit, will be responsible for managing the assets under the terms of the mandates described in the reports.

The two awards stand out for their combined size and for the profile of the plan sponsors. OCIO mandates can consolidate investment governance and execution under a single provider, and large corporate plans can represent long-duration, relationship-driven business for asset managers. For Goldman Sachs, securing mandates from two blue-chip companies adds significant institutional scale and underscores competition among large firms for corporate pension and retirement assets.

The development comes as the institutional asset management landscape continues to evolve, with large mandates and platform acquisitions reshaping the market. Separately, Pensions & Investments reported that an investor consortium featuring CalPERS is set to acquire Russell Investments, a transaction involving a well-known name in asset management and consulting. That backdrop highlights the strategic importance of retirement-plan and institutional advisory relationships, where firms seek size, capabilities, and distribution.

For Verizon and Lockheed Martin, an OCIO structure can shift investment implementation work to an external manager. For Goldman, such mandates can broaden its footprint in providing investment solutions to large plan sponsors, potentially spanning asset allocation, manager lineups, risk oversight, and ongoing reporting under agreed governance frameworks.

Next steps will center on implementation, including transitioning assets, aligning portfolios to agreed objectives, and establishing reporting and oversight processes between the plan sponsors and Goldman. Large OCIO transitions typically involve coordination across custodians, existing investment managers, and internal governance teams to ensure continuity and to execute changes in line with mandate terms.

Further details on timing, portfolio structures, and the precise scope of responsibilities were not included in the provided context. Additional disclosures, if any, are expected to come through company statements, plan documents, or regulatory and industry reporting as the mandates move from award to execution.

The twin wins put Goldman Sachs at the center of two of the most significant corporate retirement-plan investment assignments reported this year, reinforcing the high stakes in the race for institutional mandates.