Goldman Sachs has won mandates to manage a combined $70 billion in retirement assets for telecommunications giant Verizon Communications and defense contractor Lockheed Martin.
The announcement, reported by CNBC, marks one of the largest recent wins in the competitive market for outsourced recordkeeping and investment management.
The deals highlight a strategic shift for the investment bank, which has been aggressively expanding its asset management footprint.
While Goldman Sachs has dominated the mergers and acquisitions advisory space in the first half of 2026—commanding $443 billion in deal value globally and capturing 44% of the EMEA region's advisory market—this move signals a deepening commitment to the recurring revenue streams offered by institutional asset management.
Competition for these large-scale pension mandates is fierce, with rivals such as BlackRock, Russell Investments, and Mercer also vying for share in the multitrillion-dollar retirement assets market.
The selection of Goldman Sachs by two of the US's largest corporate employers suggests confidence in the bank's investment platform and operational capabilities.