Goldman Sachs is set to manage about $70 billion in retirement assets under new agreements with Verizon and Lockheed Martin, according to reporting from CNBC and Quartz. The deals are part of competition among major asset managers for large pools of retirement savings, which include both pension and defined-contribution accounts.
Quartz reports that the mandates include roughly $30 billion in pension assets and about $40 billion in Verizon’s defined-contribution retirement assets. CNBC frames the announcement within the broader, highly competitive market for retirement assets, where firms such as Goldman Sachs, BlackRock, Russell Investments, and Mercer are active.
Taken together, the sources describe a transfer of substantial retirement portfolios to Goldman Sachs rather than a broad shift in the underlying retirement plans themselves. Both outlets focus on the size of the mandates and the fact that the agreements span Verizon and Lockheed Martin. The reports do not provide additional details in the excerpts about fees, timelines, or specific portfolio strategies.
