Goldman Sachs unloads another business acquired under CEO David Solomon
Publishing timestamp: 2023-08-28 14:43:55
Summary
Goldman Sachs has agreed to sell its personal financial management unit to a competitor named Creative Planning. The transaction is expected to close in the fourth quarter of this year and result in a gain for Goldman Sachs. The sale allows Goldman Sachs to focus on its ultra-high net worth wealth management and workplace growth strategy while continuing to support high net worth clients through a strategic partnership with Creative Planning. This move is seen as progress towards Goldman Sachs' goals and targets outlined at its investor day in February. Selling the personal financial management business will help boost profit margins in Goldman Sachs' asset and wealth management division. Creative Planning is a Kansas-based registered investment advisor with a significant amount of assets under management and advisement.
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Keywords: banks, goldman sachs group inc, business, investment strategy, breaking news: investing, business news, breakingnewsglobal, breaking news: markets,
Source: https://www.cnbc.com/2023/08/28/goldman-sachs-sells-small-wealth-unit-to-creative-planning.html