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.
대한민국 최근 뉴스, 대한민국 헤드 라인
Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.
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 ...
더 많은 것을 읽으십시오 »
Morgan Stanley Sees Mood on US Stocks Souring, Goldman DisagreesTwo of Wall Street’s top strategists are at odds about the outlook for US stocks following a three-week run of declines as debate rages over whether the economy can avoid a recession.
더 많은 것을 읽으십시오 »