Goldman Sachs Q2 Momentum Carries Into Key Client Wins with $70 Billion OCIO Mandates

Goldman Sachs leverages its record second-quarter momentum in its Global Banking & Markets and Asset & Wealth Management segments by securing two significant OCIO (Outsourced Chief Investment Officer) mandates this week. The mandates, representing a combined $70 billion in assets under supervision, were awarded by Verizon and Lockheed Martin—delivering tangible validation of Goldman’s cross‑segment strategy execution.

OCIO Wins Build on Q2 Strength

In its Q2 earnings released in mid‑July, Goldman Sachs reported a record $15.52 billion in Global Banking & Markets revenues, up 53 % year‑over‑year; and $4.60 billion in Asset & Wealth Management revenues, up 20 %. Management also noted $91 billion in long‑term net inflows into Asset & Wealth Management, which helped drive total assets under supervision to a record $4.04 trillion. These results framed the firm’s ongoing strength across dealmaking, trading, investing, and wealth advisory platforms.

This week’s OCIO mandates capitalize directly on that positioning—two globally recognized corporations entrusting Goldman with high-stakes fiduciary responsibilities.

Details of the Mandates and Strategic Synergies

According to the earnings call, Verizon and Lockheed Martin together awarded Goldman Sachs OCIO mandates totaling $70 billion in assets under supervision. The arrangement underscores trust in Goldman’s investment capabilities and cross‑channel coordination between its markets and wealth management businesses.

These mandates exemplify the firm’s “One Goldman Sachs” strategy, which emphasizes delivering integrated solutions across its segments—from advisory and capital markets to asset and wealth management. As highlighted in Q2 commentary, nearly 900 referrals have flowed from investment banking to wealth management since the beginning of 2025, demonstrating how Goldman is leveraging client relationships more cohesively.

Why It Matters to Investors

Securing two large OCIO mandates reinforces Goldman Sachs’ credibility among Fortune 500-level clients as a trusted, full-service fiduciary. These assignments not only support recurring management-fee revenue streams but also strengthen the firm’s long-term asset base and reinforce its ability to deliver across its suite of services.

For investors, these developments represent a clear continuation of the growth trajectory demonstrated in Q2—not merely from episodic trading or deal activity, but from sustained client engagement that monetizes cross-segment synergies.

Looking Ahead

As Q3 unfolds, attention will turn to whether Goldman can sustain its momentum through closing and integrating these mandates, while continuing to leverage its global footprint, AI-driven client pipelines, and advisory-to-wealth referral engine. Shareholders and analysts will also be watching for additional signs of asset inflow growth, new mandate wins, and the durability of earnings drivers beyond capital markets spikes.

The Verizon and Lockheed Martin OCIO assignments mark a meaningful market development for Goldman Sachs—one that reinforces the firm’s strategic narrative and its value as a one-stop partner for clients’ most complex financial needs.