Goldman Sachs Overhauls Strategy, Sells Wealth Unit to Creative Planning
TL;DR
Goldman Sachs has announced a deal to sell part of its wealth business to independent wealth manager Creative Planning as part of its strategy refresh, which involves exiting certain businesses and focusing on targeting the super rich. The sale is expected to close in Q4 and result in a gain for Goldman Sachs. This move follows CEO David Solomon's reorganization of the firm into three units last year and a scaling back of ambitions for its consumer business. Goldman Sachs' private wealth arm currently oversees $1 trillion in assets for ultra-high net worth clients, while the registered investment adviser being sold managed about $25 billion in funds.
Topics:top-newsfinance#creative-planning#finance#goldman-sachs#strategy-revamp#super-rich#wealth-advisory
- Goldman Sachs strikes wealth advisory deal as it revamps strategy Reuters
- Goldman Sachs unloads another business acquired under CEO David Solomon CNBC
- Why Creative Planning Is Buying Goldman's Wealth Unit Bloomberg Television
- Goldman strikes deal to sell unit that offers financial advice to the masses Yahoo Finance
- Your Evening Briefing: Goldman Sells Unit Aimed at Mass-Affluent Market Bloomberg
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