Goldman Sachs announced it has won contracts to manage $70 billion in retirement assets for Verizon and Lockheed Martin, in one of the largest recent deals in the rapidly growing external institutional investment market.

The contracts include approximately $30 billion in Verizon and Lockheed Martin's private retirement funds, as well as $40 billion in Verizon's defined contribution retirement assets, typically 401(k) accounts, according to CNBC.

Competitive Retirement Asset Market

This move reflects a growing trend among America's largest employers to entrust retirement asset management to specialized investment firms like Goldman Sachs, as portfolios become more complex and require expertise in both public and private markets.

The market is highly competitive among asset managers such as BlackRock, Russell Investments, and Mercer, given that long-term contracts generate consistent and stable returns.