Branch² Intelligence
Goldman Sachs wins $70 billion in asset management deals with Verizon, Lockheed Martin
Key takeaway
Goldman Sachs wins $70bn in retirement asset mandates from Verizon and Lockheed Martin, displacing incumbents BlackRock, Russell Investments, and Mercer.
- Step 1Goldman Sachs wins $70bn in retirement mandates from Verizon and Lockheed Martin, displacing BlackRock, Russell, and Mercer.
- Step 2Displaced asset managers lose AUM and fee revenue, prompting cost-cutting or strategic shifts; Goldman gains economies of scale.
- Step 3Intensified competition in retirement asset management leads to fee compression across the industry, affecting profitability for all players.
- Step 4UK asset managers with US retirement exposure (e.g., Schroders, Legal & General) face margin pressure as US fee trends spill over via global pricing benchmarks.
Source: CNBC
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