$70 billion in new outsourced-CIO mandates from Verizon and Lockheed Martin will add $30 billion of defined-benefit assets and $40 billion of defined-contribution assets to Goldman Sachs Asset Management.
Those wins lift Goldman’s OCIO assets to $480 billion as large retirement-plan sponsors increasingly hand investment management to a single outside manager after years of funding surpluses.
Verizon and Lockheed have also been shrinking pension risk through insurer transfers, including Verizon’s $5.9 billion retiree deal in 2024 and several Lockheed transactions since 2021.
Goldman has been building scale in the market with other large mandates, including $43.4 billion from UPS, $40 billion from Shell’s European pension funds and $25 billion from Eli Lilly.