Goldman Sachs Overhauls Strategy, Sells Wealth Unit to Creative Planning
Goldman Sachs has announced a deal to sell part of its wealth business to independent wealth manager Creative Planning as part of its strategy refresh, which involves exiting certain businesses and focusing on targeting the super rich. The sale is expected to close in Q4 and result in a gain for Goldman Sachs. This move follows CEO David Solomon's reorganization of the firm into three units last year and a scaling back of ambitions for its consumer business. Goldman Sachs' private wealth arm currently oversees $1 trillion in assets for ultra-high net worth clients, while the registered investment adviser being sold managed about $25 billion in funds.