NEW YORK: Goldman Sachs is weighing the sale of a part of its wealth business, it said on Monday (Aug 21), as it shifts its focus back to serving the ...
Goldman Sach’s private wealth arm oversees US$1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. – AFPpicGoldman Sachs is weighing the sale of a part of its wealth business, it said on Monday , as it shifts its focus back to serving the ultra-rich and away from high-net-worth clients in mass markets.
The shift in strategy comes after CEO David Solomon reorganised the firm into three units last year and scaled back ambitions for its consumer business, which lost US$3 billion in the last three years. “This is part of the overall restructuring of the firm, back toward its roots,” said Stephen Biggar, an analyst at Argus Research.
Goldman bought RIA, formerly known as United Capital Financial Partners, for US$750 million in 2019 when it managed about US$25 billion in funds. The purchase was aimed at broadening Goldman’s client list beyond the ultra-rich, but the unit has remained a small part of the bank’s wealth business. Goldman’s private wealth arm oversees US$1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets.
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