new YorkGoldman Sachs expands its wealth management business. For $ 750 million, the investment bank takes United Capital from Newport Beach, California. The Investment Manager manages assets of $ 25 billion. The 220 financial advisers, who serve 22,000 customers in the US, should now be incorporated into Goldman's area, the bank said on Thursday.
Goldman boss David Solomon has made it his goal to move into new business, to become less dependent on the volatile trading business, which has become much less lucrative since the financial crisis. In investment banking, Goldman is now looking for smaller deals.
The online subsidiary Marcus gives loans and provides savings accounts for the middle class – a turn of events, after all, Goldman has long focused only on the wealthiest customers and the largest deals. Therefore, the bank also wants to expand more towards the middle in terms of investing and, above all, has in mind the wealthier middle class. "United Capital will help us expand our reach and give more customers access to Goldman Sachs' capabilities," Solomon said. It is the biggest takeover for the bank since the financial crisis.
The Goldman subsidiary Ayco already offers financial advice and asset management for top managers. 50 of the 100 largest US companies in terms of sales are already offering Ayco as a service for their executives. Also Marcus is to be extended according to Solomon's plans one day for an offer in the asset management. It is quite possible that new synergies can be created with United Capital.
Goldman (t) United Capital (t) United States (t) Investment Bank (m) Mergers & Acquisitions M & A (t) Investment (t) Investment Fraud (t) Broker (t) Investment Advisory (t) Manager / Manager (t) t) Client (t) Mutual Funds (t) Goldman Sachs (t) David Solomon (t) Banks & Credit Institutions (t) Securities Dealers (t) Asset Management