David M. Solomon, Chairman and CEO of Goldman Sachs

Goldman Sachs Group, Inc., the American multinational investment bank and financial services company announced that they would be acquiring United Capital Financial Partners for $750 million. The agreement is expected to complete in the third quarter of 2019.

United Capital Financial Partners commonly known as just United Capital are an independent financial life management firm and a registered investment advisor. The firm has $25 billion of assets under management and over 220 financial advisors serving 22,000 clients in over 90 offices across the United States. They also operate FinLife CX, a digital platform that helps independent advisors grow their business and form stronger relationships with their clients.

The acquisition will add to Goldman Sachs’ wealth management business which already comprises of Private Wealth Management and Ayco, a financial counselling service, which together has nearly $500 billion of assets under supervision.

Speaking about the acquisition, David M. Solomon, Chairman and CEO of Goldman Sachs said, “United Capital will help accelerate this strategy by broadening our reach, allowing more clients to access the intellectual capital and investment capabilities of Goldman Sachs.”

This acquisition is expected to enhance Goldman Sachs’ ability to cover a broad range of clients in Ayco’s growing corporate client base.

by Megha Bhattacharya
Market Analyst at IBS Intelligence