The sale comes as Goldman is in a bit of transformation.
Goldman Sachs is selling its Personal Financial Management business to Creative Planning, an Overland Park-based registered investment advisor.
As of the end of 2022, Goldman’s PFM business had approximately $29 billion in assets under supervision, according to regulatory filings. The unit amounted to “a very small component of our overall wealth franchise,” the bank said last week. For comparison, the whole of Goldman’s wealth management business, which caters to so-called ultrahigh net-worth customers, has $1 trillion in assets under supervision spread across 16,000 clients.
In an interview with Barron’s, Nachmann explained that Goldman has a “history of excellence” in serving ultrahigh net worth individuals and workplace growth and the bank realized the best way for it to serve the mass affluent population is through distributing products to RIAs through its asset management business.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
3M, Goldman Sachs share gains lead Dow's nearly 300-point climbBehind positive gains for shares of 3M and Goldman Sachs, the Dow Jones Industrial Average is up Monday morning. Shares of 3M and Goldman Sachs are...
Leer más »
Mysterious new California city backed by some of the biggest names in Silicon Valley: reportA former Goldman Sachs trader has been quietly working to build an urban utopia in California.
Leer más »
Mysterious new California city backed by some of the biggest names in Silicon Valley, report saysA former Goldman Sachs trader has been quietly working to build an urban utopia in California.
Leer más »
Ramaswamy suggests Elon Musk as a potential presidential advisorThe Republican presidential candidate has praised the world’s richest man for his takeover of Twitter, now called X.
Leer más »
Shares of Country Garden set to rise after it sells stake in development By ReutersShares of Country Garden set to rise after it sells stake in development
Leer más »
Movie Review: Passion and love get messy in Ira Sachs’ smoldering ‘Passages’The new film “Passages” is centered on Tomas, a German living in France with his English husband Martin who begins an affair with a French woman, Agathe.
Leer más »