Goldman Sachs wants to sell part of its wealth management business
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Today, August 21, the American bank Goldman Sachs informedthat is considering selling part of its wealth management business. We are talking about the division of Personal Financial Management (PFM), which is engaged in investment consulting and manages $ 29 billion. The bank said that they are considering various alternatives for the further development of this business.
Goldman Sachs bought the business in 2019, when the company was called United Capital Financial Partners. The deal was valued at $750 million, and the company managed $25 billion in assets. The purpose of the deal was to expand the client base of Goldman Sachs’ wealth management business. If before that it was mainly engaged in managing the assets of super-rich clients, then with the purchase of a new business, the bank wanted to deal with the management of smaller capitals.
At the same time, PFM remained only a small part of the bank’s entire wealth management business – Goldman Sachs manages assets of $ 1 trillion of ultra-rich clients. Now the bank is again going to concentrate on the management of just such assets.
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