Goldman Sachs has worked with nonprofit groups like endowments and foundations since 2009. The firm is now considering advising more non-traditional groups, like cemeteries and Native American reservations, as it continues expanding.
Those outsourced assets hit $1.1 trillion across the industry last year, and could grow another $500 million over the next five years.Goldman Sachs, which has long managed money for the country's wealthiest individuals and companies, is looking farther afield for new clients. "There are all sorts of interesting pools of capital out there that you don't necessarily think of in the context of nonprofits," he said.
"Who would've thought, cemeteries?" Mallory said."People pre-fund the plots they'll ultimately be buried in on behalf of their family to avoid the family being burdened with those costs. They have a huge pool of money that needs to be invested."
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