Goldman Sachs Plans to Undo Another Solomon Deal Chasing Mass Market

The bank is looking to sell the personal financial management business, which oversees about $29 billion in assets and grew out of United Capital, a California-based registered investment adviser Goldman purchased for $750 million in 2019. The acquisition was part of Solomon’s plan to broaden the firm’s revenue beyond a traditional focus on ultra-wealthy individuals.

“We are currently evaluating alternatives for that business as we determine where to invest our resources and where we see the greatest opportunity,” the New York-based bank said in an emailed statement Monday. While it’s a small part of Goldman’s wealth business, it symbolized the earlier effort by Solomon to expand the firm’s business lines which are now being unwound. The firm has more than 16,000 clients and $1 trillion of assets under supervision in its ultra-high-net-worth wealth-management unit. Goldman also has been pursuing a sale of GreenSky just over a year after taking over the lending business, another sign of how dramatically management has backtracked on its strategy.

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Goldman Sachs weighs sale for part of its wealth businessBy Saeed Azhar NEW YORK (Reuters) - Goldman Sachs is weighing the sale of a part of its wealth business catering to high net worth clients, it said on ...
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Goldman Sachs weighs sale for part of its wealth business catering to high net worth clientsGoldman Sachs is evaluating alternatives for its registered investment adviser unit, called Personal Financial Management, which manages about $29-billion
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Goldman Sachs weighs sale for part of its wealth businessGoldman Sachs is weighing the sale of a part of its wealth business catering to high net worth clients, it said on Monday, as it shifts its focus back to serving the ultra-rich. The Wall Street bank is evaluating alternatives for its registered investment adviser unit, called Personal Financial Management (PFM), which manages about $29 billion, it said in a statement. Goldman bought the registered investment adviser, formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in funds.
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