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August 21, 2023 at 08:48 AM
Goldman Sachs is considering the sale of the former RIA United Capital, which it acquired four years ago for $750 million.
The news comes less than six months after the bank said it was considering its options for its credit-card partnerships and specialty lending operations — including the sale of GreenSky, which it bought for $1.7 billion in 2021.
The RIA unit, founded by former CEO Joe Duran and rebranded by Goldman in 2020 as Personal Financial Management, is “a very small component of our overall wealth franchise,” the bank said in a statement Monday.
Goldman is “currently evaluating alternatives for that business as we determine where to invest our resources and where we see the greatest opportunity,” according to the statement. “We expect to find an outcome that benefits both our clients and our advisors.”
Its shares traded down nearly 1.65% to $319.61 as of 12:10 p.m. in New York on Monday.
When Goldman bought United Capital, the core RIA business had about $23.4 billion in assets; its white-label wealth management platform had $25 billion.
