Goldman Sachs wins $70 billion asset management mandates from Verizon and Lockheed Martin

Goldman Sachs said it has secured mandates to manage about $70 billion in retirement assets for Verizon Communications and Lockheed Martin. The assignments include roughly $30 billion in pension assets and about $40 billion in Verizon definedcontribution plans such as 401(k)s. The deals reflect a broader trend among large U.S. employers, which are increasingly turning to outside firms to manage retirement portfolios as investing becomes more complex and spans both public and private markets. For Goldman Sachs, the business offers a source of steadier fee income than trading or investment banking. The firm said its outsourced chief investment officer unit managed about $480 billion in assets as of March 31, while its broader asset and wealth management division oversaw around $3.7 trillion.