Goldman Sachs wins $70B in asset management for Verizon, Lockheed Martin
The post Goldman Sachs wins $70B in asset management for Verizon, Lockheed Martin appeared on BitcoinEthereumNews.com. Marc Nachmann, Goldman Sachs global head of asset and wealth management. CNBC Goldman Sachs said Thursday it won deals to manage a combined $70 billion in retirement assets for Verizon Communications and Lockheed Martin, one of the larger recent announcements in the fast-growing market for outsourced corporate investing. The mandates include about $30 billion in pension assets for Verizon and Lockheed Martin and $40 billion in Verizon defined-contribution retirement assets, which are typically 401(k)s, according to Goldman. The moves underscore how some of America’s largest employers are increasingly handing responsibility for managing retirement assets to outside firms like Goldman as portfolios become more complex and require expertise across public and private markets. Competition in the multitrillion-dollar market for retirement assets is fierce among managers incl