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 , 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. The purchase aimed to broaden Goldman’s client list beyond the ultra-rich, but the unit has remained a small part of the bank’s wealth business.The potential divestment comes after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its loss-making consumer business.
The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February. Other core wealth businesses include workplace financial planning through Ayco, and Marcus savings, Goldman said. U.S. banks compete to serve ultra-wealthy clients by providing brokerage, mortgage and other services, as well as estate and tax planning. Those activities tend to generate more stable revenues than volatile Wall Street operations, such as investment banking and trading, which are strongly linked to economic activity.Checking box will enable automatic data updates.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: SaltWire Network - 🏆 45. / 63 Lire la suite »
La source: BNNBloomberg - 🏆 83. / 50 Lire la suite »