Joe Duran Plots a Return to RIA World
The ex-United Capital CEO is weighing his options and “nothing has been decided,” a Duran spokesman says.
Joe Duran is looking to make a return to the RIA sector in the near future, after stepping down early this year as a Goldman Sachs partner and co-head of its Personal Financial Management Group.
But precisely what kind of RIA business Duran is looking to either buy or start remained unclear on Tuesday.
Citing “sources with knowledge of the situation,” Citywire reported Aug. 17 that Duran was raising capital for a new business that will look to take minority stakes in RIAs and investment banker Brad Siegert of Ardea Partners was assisting in the fundraising effort.
Duran posted a link to the story on his LinkedIn account, saying: “I’m not sure this is newsworthy, but hopefully one day it might be.”
A spokesman for Duran told ThinkAdvisor on Tuesday: “Joe is considering his options. Nothing has been decided and until it has it is very premature to discuss hypotheticals.”
The spokesman added that Duran “has no formal relationships with any PE firms or investment bankers at present.”
“Joe and his team will have more to share in the coming weeks,” at the Future Proof conference, Sept. 10-13 in Huntington Beach, California, the spokesman said.
Siegert didn’t immediately respond to a request for comment.
News of Duran’s plans comes as Goldman Sachs is considering the sale of the former RIA United Capital, which it acquired four years ago for $750 million.
United Capital, founded by Joe Duran, who served as its CEO, was rebranded by Goldman in 2020 as Goldman Sachs Personal Financial Management.
Pictured: Joe Duran.