Key Takeaways
- • Goldman Sachs Asset Management won two outsourced chief investment office (OCIO) mandates from Verizon Communications and Lockheed Martin Corp. totaling about $70 billion, according to Pensions & Investments and the Wall Street Journal.
- • The Verizon and Lockheed Martin mandates split into roughly $30 billion in defined benefit assets and $40 billion in defined contribution assets.
- • The wins add to Goldman's recent OCIO momentum, which reportedly includes $43.4 billion from UPS, $40 billion from Shell's European pension funds and $25 billion from Eli Lilly.
- • Goldman's OCIO platform now oversees nearly $450 billion in assets globally, per publisher reporting.
Summary
Goldman Sachs Asset Management has won outsourced chief investment office (OCIO) mandates from Verizon Communications and Lockheed Martin Corp. worth a combined $70 billion, according to Pensions & Investments, which cited reporting by the Wall Street Journal. Goldman announced the wins on a Thursday, and publisher coverage describes the two companies as new OCIO clients of the firm.
The mandates are split between defined benefit and defined contribution assets. Verizon and Lockheed Martin will outsource a combined $30 billion in defined benefit pension assets and a combined $40 billion in defined contribution assets, according to coverage of the announcement. The defined contribution component ties the deals to retirement plan assets, an area where plan sponsors are increasingly seeking outsourced investment management and support for participant retirement readiness.
The announcement adds to a series of large OCIO wins for Goldman. Publisher coverage cites recent mandates from UPS worth $43.4 billion, Shell's European pension funds worth $40 billion and Eli Lilly worth $25 billion. Goldman also reportedly secured the largest OCIO mandate ever in the United Kingdom, valued at $28.8 billion, according to a separate report from the same publisher.
The appointments reinforce Goldman Sachs Asset Management's position as a leading OCIO manager. The firm reports nearly $450 billion in OCIO assets under supervision globally. Further detail on fees, funding timelines and asset transition schedules was not available in the source material.
The mandates are split between defined benefit and defined contribution assets. Verizon and Lockheed Martin will outsource a combined $30 billion in defined benefit pension assets and a combined $40 billion in defined contribution assets, according to coverage of the announcement. The defined contribution component ties the deals to retirement plan assets, an area where plan sponsors are increasingly seeking outsourced investment management and support for participant retirement readiness.
The announcement adds to a series of large OCIO wins for Goldman. Publisher coverage cites recent mandates from UPS worth $43.4 billion, Shell's European pension funds worth $40 billion and Eli Lilly worth $25 billion. Goldman also reportedly secured the largest OCIO mandate ever in the United Kingdom, valued at $28.8 billion, according to a separate report from the same publisher.
The appointments reinforce Goldman Sachs Asset Management's position as a leading OCIO manager. The firm reports nearly $450 billion in OCIO assets under supervision globally. Further detail on fees, funding timelines and asset transition schedules was not available in the source material.
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