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Goldman Sachs weighs sale for part of its wealth business

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Goldman 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.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting -- Sculptor Capital Management Inc. spurned an unsolicited bid from a group of hedge fund giants including Boaz Weinstein, Marc Lasry and Bill Ackman, the latest twist in the takeover of one of Wall Street’s best-known investment firms.

Francis Ndege isn’t sure if his customers in Africa’s largest slum can afford to keep buying rice from him. Prices for rice grown in Kenya soared a while ago because of higher fertilizer prices and a yearslong drought in the Horn of Africa that has reduced production. Cheap rice imported from India had filled the gap, feeding many of the hundreds of thousands of residents in Nairobi's Kibera slum who survive on less than $2 a day. But that is changing.

A new car that costs under $20,000, once an unofficial threshold of affordability, is all but history in the United States. Blame it on automakers abandoning the low-profit small-car business as American consumers increasingly gravitate toward pricier SUVs and trucks. The compact Mitsubishi Mirage has become the last new vehicle with an average selling price under $20,000. And even the Mirage appears on the way out.

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