{"id":54012,"date":"2023-08-28T14:31:16","date_gmt":"2023-08-28T18:31:16","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/goldman-sachs-strikes-wealth-advisory-deal-as-it-revamps-strategy\/"},"modified":"2023-08-28T14:31:19","modified_gmt":"2023-08-28T18:31:19","slug":"goldman-sachs-strikes-wealth-advisory-deal-as-it-revamps-strategy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54012","title":{"rendered":"Goldman Sachs strikes wealth advisory deal as it revamps strategy"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS\/Andrew Kelly\/\/File Photo<\/span>
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By Saeed Azhar and Manya Saini<\/p>\n

NEW YORK (Reuters) -Goldman Sachs on Monday said it has struck a deal to sell part of its wealth business to an independent wealth manager, part of a strategy refresh which is seeing the bank exit some businesses and focus its wealth offering on targeting the super rich. <\/p>\n

The Wall Street bank, which did not disclose the sale price, said the sale to Creative Planning LLC is expected to close in the fourth quarter and result in a gain.<\/p>\n

The latest sale is part of a shift in strategy after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its consumer business, which lost $3 billion in the last three years.<\/p>\n

Goldman bought the registered investment adviser (RIA), formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in funds. <\/p>\n

Creative Planning has more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory.<\/p>\n

The RIA business was relatively small in size compared with Goldman’s core business that focuses on the super rich.<\/p>\n

Goldman’s private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. <\/p>\n

High net worth individuals – who would fall within the business Goldman is considering selling – typically have about $1 million to $10 million to invest<\/p>\n

Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management, told Reuters the current strategy is to invest more on its core businesses such as ultra-high net worth and workplace growth strategy including the proceeds from the sale.<\/p>\n

“We think there’s a lot of space for us to grow. So we feel really good about it,” Nachmann said, adding these plans are without a potential acquisition. <\/p>\n

The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said.<\/p>\n

Shares of Goldman Sachs were up 1.8% in afternoon trade.<\/p>\n

Goldman Sachs & Co (NYSE:) LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.<\/p>\n

Goldman is also pushing ahead with a sale of its fintech business, GreenSky and has also offloaded the bulk of its unsecured consumer loans after it halted this kind of lending last year.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS\/Andrew Kelly\/\/File Photo By Saeed Azhar and Manya Saini NEW YORK (Reuters) -Goldman Sachs on Monday said it has struck a deal to […]<\/p>\n","protected":false},"author":1,"featured_media":3301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54012","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nGoldman Sachs strikes wealth advisory deal as it revamps strategy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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