Key Takeaways Goldman Sachs secured contracts to oversee $70 billion in retirement funds for Verizon and Lockheed Martin Verizon contributed $40 billion in 401(k) assets while pension funds f
Goldman Sachs revealed on Thursday that it has clinched agreements to oversee a substantial $70 billion in retirement funds belonging to telecommunications giant Verizon Communications and defense contractor Lockheed Martin.
BREAKING: Goldman Sachs won deals with Verizon Communications and Lockheed Martin to manage a combined $70 billion in retirement assets. pic.twitter.com/TQvBBvxFfV
— Short Squeez (@shortsqueeznews) July 9, 2026
The announcement represents one of the most significant recent victories in the corporate asset outsourcing sector.
Verizon is contributing $40 billion from its defined-contribution retirement programs, primarily composed of 401(k) plan assets. An additional $30 billion derives from pension holdings shared between Verizon and Lockheed Martin, although Goldman has not disclosed the precise allocation between these two corporate giants.
Major corporations are progressively delegating retirement fund oversight to external financial specialists. With investment portfolios expanding in both scale and sophistication — encompassing public equities, bonds, and alternative investments — businesses are seeking expert partners to navigate these responsibilities.
Goldman faces considerable competition in this sector. Industry heavyweights including BlackRock, Russell Investments, and Mercer are aggressively pursuing comparable contracts in what has evolved into a highly competitive and rapidly expanding marketplace.
Marc Nachmann, who leads Goldman’s global asset and wealth management operations, commented: “Large plan sponsors are consolidating responsibilities with one partner with the investment expertise and depth of platform to manage their bespoke needs.”
These contracts support Goldman Sachs’ overarching business transformation. The financial institution has prioritized developing revenue channels that deliver stability and predictability, reducing dependence on trading activities and dealmaking, which typically experience significant quarterly fluctuations.
Retirement fund management contracts hold particular appeal due to their long-term nature. After winning these mandates, financial firms typically collect steady management fees spanning multiple years or even decades.
Goldman’s outsourced chief investment officer division controlled approximately $480 billion in assets at the end of the first quarter this year. This specialized unit operates within the company’s expansive asset and wealth management segment, which commands roughly $3.7 trillion in aggregate investments.
The bank’s investment banking division generated $2.84 billion in fees during the latest quarter, representing a nearly 50% increase compared to the prior-year period. Goldman has simultaneously benefited from fees associated with bond issuance and advisory services linked to artificial intelligence infrastructure investments.
The new partnerships with Verizon and Lockheed Martin strengthen Goldman’s portfolio of enduring institutional relationships, providing a counterbalance to the firm’s more volatile business segments.
The agreements were announced Thursday morning and rank among the largest recent developments in the outsourced investment management industry.
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