Goldman Sachs secured approximately $70 billion in retirement plan mandates from Verizon and Lockheed Martin. This agreement represents one of the largest recent deals in the corporate investment outsourcing sector.
The mandate covers both pension and 401(k) plan assets. This win strengthens the firm's outsourced Chief Investment Officer (OCIO) platform.
The deal supports Goldman’s strategy to increase stable, fee-based revenue within its asset and wealth management division. The firm will release its second-quarter earnings report on July 14.