“Goldman Sachs” sells the wealth advisory unit to a company that manages $240 billion

The company “Goldman Sachs Group” concluded a deal to sell an investment advisory company aimed at the wealthy to the company “creative planning”, a wealth management company that oversees about 240 billion dollars.

The bank approved the sale of the company, with assets of 29 billion dollars, known as “United Capital”, a Registered Investment Advisor company that it bought for 750 million dollars, according to a statement.

Goldman Sachs did not disclose the sale price, but said it expects to make a profit when the deal closes”. This is in sharp contrast to the other sale that Goldman is pursuing: the withdrawal of investments from the installment lender “green sky” bank at a significant discount a little over a year after the completion of the acquisition.

The acquisition of United Capital was part of CEO David Solomon’s plan to expand Goldman’s reach beyond the traditional focus on wealthy individuals. I gained instant contact with about 22,000 clients who each had a little over a million dollars with the platform. And this is much less than typical wealthy clients of Goldman, who entrust the bank with tens of millions of dollars.