Goldman Sachs weighs sale of part of its wealth business – Reuters

NEW YORK, Aug 21 (Reuters) – Goldman Sachs (GS.N) is weighing the sale of a part of its wealth business, it said on Monday, as it shifts its focus back to serving the ultra-rich and away from high-net-worth clients in mass markets.

The Wall Street bank is evaluating alternatives for its registered investment adviser (RIA) unit, called Personal Financial Management (PFM), which manages about $29 billion, it said in a statement.

The move comes as Goldman retreats from its consumer operations, which lost $3 billion in the last three years, and pushes ahead with a sale of its fintech business, GreenSky.

Goldman bought the RIA, formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in fund…

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