On August 28, Goldman Sachs disclosed that, as part of a strategic review, an agreement had been reached to sell a section of its wealth division to an independent wealth manager.
According to Reuters, the bank is making this step as it departs other business sectors in order to concentrate its wealth services on serving the ultra-wealthy.
The Wall Street Bank noted that the deal with Creative Planning LLC is anticipated to be finalized in the fourth quarter and is likely to result in a gain, albeit it withheld the sale price.
In 2019 Goldman Sachs acquired the RIA (Registered Investment Adviser) formerly known as United Capital Financial Partners for 750 million dollars. According to the bank, Goldman Sachs can still serve high-net-worth investors through RIA.
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