Goldman Sachs has agreed to acquire wealth management firm United Capital Financial Partners.
Through the $750 million cash deal, Goldman hopes to bolster its wealth management business. At present, the banking behemoth has $500 billion in wealth management assets.
United Capital, on the other hand, has $25 billion of assets under management and more than 220 financial advisers.
Goldman CEO David Solomon indicated that the acquisition will help the company expand its clientele. The deal will allow more investors to access “the intellectual capital and investment capabilities of Goldman Sachs”, according to Solomon.
The acquisition could potentially catalyze Goldman’s reach beyond its ultra-high net worth client group, and towards the affluent end of the masses - something that spells a potential growth opportunity in the long run for the company.