Goldman Sachs Group Inc plans to buy a boutique wealth management custodian and technology company called Folio Financial Inc for an undisclosed amount of money, according to a letter that Folio sent to its customers on Thursday and was viewed by Reuters.
) plans to buy a boutique wealth management custodian and technology company called Folio Financial Inc for an undisclosed amount of money, according to a letter that Folio sent to its customers on Thursday and was viewed by Reuters.
A Goldman Sachs spokesman confirmed plans for the acquisition and the contents of the letter but declined to comment further. Both companies declined to comment on the price of the acquisition, saying it was not material information for investors. Typically, companies are required to disclose to investors the price paid for acquisitions on deals worth more than $500 million.
Goldman has made investment products and funds for RIAs, as well as operated several RIAs in its asset management business for years. The Folio acquisition will build out the services Goldman already provides, and give it access to Folio’s technology, as well as the ability to earn fees from being the custodian of assets for other firms.
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