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Goldman Sachs expansion to target UHNW, HNW clients
Mark Kauzlarich/Bloomberg Goldman Sachs will pour resources into growing its wealth business serving the ultrarich, a pivot as it retreats from a disappointing venture into consumer banking, executives said during the bank’s investor day Tuesday. “There’s a lot of opportunity for us to grow, and we’re going to continue to grow on the high end and the ultrahigh end,” Marc Nachmann, the global head of the bank’s Asset & Wealth Management unit, said in a presentation live-streamed online. The investment bank occupies around 8{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of the ultrahigh net worth wealth market and roughly 1{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of the high net worth market in the U.S., according to Nachmann’s slideshow. Nachmann projected that…
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Janney accelerates HNW plans, hires tech exec as wealth head
Legacy regional company Janney has massive programs in 2023 to construct current market share with higher net worthy of customers, a remarkably competitive phase that it can be been courting for decades. Its new head of wealth administration, John Yackel, an industry veteran who provides knowledge with making tech platforms to provide shoppers with wealth transfer and detailed economical scheduling, is predicted to speed up that force. John Yackel, Janney’s new head of prosperity administration and executive vice president. Janney Montgomery Scott The Philadelphia-based mostly business, a subsidiary of Penn Mutual Daily life Insurance coverage Organization, declared Jan. 4 that Yackel experienced joined as head of wealth administration and govt…
