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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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Exclusive: Goldman Sachs to cut asset management investments that weighed on earnings
NEW YORK, Jan 23 (Reuters) – Goldman Sachs Team Inc’s (GS.N) asset management arm will considerably reduce the $59 billion of alternate investments that weighed on the bank’s earnings, an govt informed Reuters. The Wall Street large ideas to divest its positions more than the subsequent handful of many years and substitute some of all those money on its stability sheet with outdoors money, Julian Salisbury, chief expenditure officer of asset and wealth management at Goldman Sachs, instructed Reuters in an job interview. “I would anticipate to see a meaningful drop from the current degrees,” Salisbury said. “It is really not likely to zero for the reason that we will…
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