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June 18, 2021 at 01:14 PM
What You Need to Know
- Steward, which has 180 advisors and $23 billion in assets, also will continue to work and custody assets with Raymond James.
- The Goldman tie-up is related to Steward’s new multi-custodial business, which builds on its recent acquisition of BD Umpqua Investments.
Goldman Sachs has landed Steward Partners Global Advisory as its first RIA clearing and custody client. The deal is tied to Steward’s new multi-custodial business model, Steward Partners Investment Solutions, which builds on its recent acquisition of broker-dealer Umpqua Investments.
Steward, which has about 180 affiliated advisors and works with $23 billion in assets, also will continue to work and custody assets with Raymond James — its partner for the past eight years — and will soon move its advisors to Raymond James’ RIA and Custody Services platform.
“With the Umpqua broker-dealer acquisition, which was a big moment for us, we wanted to go to a multi-custodial model and offer more to advisors,” said Steward CEO Jim Gold, in an interview with ThinkAdvisor. “We are so excited to be Goldman Sachs’ first institutional client on its [custody] platform.”
Goldman seems upbeat, too, about the arrangement. “Steward is a natural fit for our first large-scale relationship since deciding to enter the RIA custody business,” stated Adam Siegler, a co-head of its new custody business, in a statement. “Their track record of success and growth focus pair perfectly with the holistic platform that we are delivering,”
Steward’s String of News
It’s been a whirlwind of developments for Steward over the past few weeks, Gold explained, noting that the firm recently obtained a $100 million minority investment from the Pritzker Organization family office group: “We are clearly not intimidated to build something new.”
