Goldman Sachs has been appointed outsourced chief investment officer (OCIO) by Verizon Communications and Lockheed Martin to provide investment management services for their respective retirement plans.

“We believe these mandates affirm our ability to deliver customised public and private market investment solutions for the world’s largest retirement plans, supported by continually evolving technology, deep experience and specifically designed infrastructure,” said Marc Nachmann, global head of asset and wealth management at Goldman Sachs.

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The mandate involves over $70bn (£52.2bn) in assets, with $30bn under defined benefit schemes owned by both companies and $40bn in defined contribution assets belonging to Verizon.

Goldman said the appointment reflects a broader industry trend of large corporate pension sponsors partnering with an OCIO provider to streamline oversight of managing complex portfolios across public and private markets. Globally, the firm services $480bn in OCIO assets under supervision as of March 2026.

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Goldman added that its open‑architecture platform allows for flexible portfolio construction across asset classes, managers, and strategies, while maintaining a strong focus on risk management and delivering a custom liability hedging program.

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