Goldman Sachs Group Inc on Thursday agreed to buy boutique wealth management fir...
FILE PHOTO: A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid
- Goldman Sachs Group Inc on Thursday agreed to buy boutique wealth management firm United Capital Financial Partners Inc for $750 million in its biggest deal since the financial crisis. Goldman has been ramping up efforts to grow its retail client base and deposits in a bid to diversify its revenue streams, and the deal will add United Capital’s 22,000 clients and $25 billion of assets under management to its portfolio.
The deal, which comes just seven months after CEO David Solomon took the helm, also gives Goldman several thousand affluent and high net worth clients, a wealth bracket the bank currently does not serve.Goldman Sachs is the financial adviser and Fried, Frank, Harris, Shriver & Jacobson LLP the legal adviser to Goldman Sachs.
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