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$70 billion in retirement-asset mandates moved to Goldman Sachs after Verizon and Lockheed Martin both selected the bank as their manager.
The combined figure places Goldman in direct competition with BlackRock, Russell Investments, and Mercer across what the source describes as a multitrillion-dollar market for retirement assets.
The two accounts Goldman's $70 billion comes from two corporate clients. Verizon is the telecommunications company; Lockheed Martin is the defense contractor.
The source reports the aggregate mandate and does not allocate the total between them. No mandate duration or fee structure is reported. The source does not indicate which manager, if any, previously held either account.
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