Goldman Sachs said Monday it's considering the sale of part of its wealth-management division.
The New York bank said it’s putting its Personal Financial Management unit — which has $29 billion in assets — on the block.
“We are currently evaluating alternatives for that business as we determine where to invest our resources and where we see the greatest opportunity. We expect to find an outcome that benefits both our clients and our advisors,” a company spokesperson said. The unit caters to the mass affluent through an internal network of registered investment advisers, while Goldman said it will continue to focus on the $1 trillion ultra-high net worth wealth management, which has more than 16,000 clients.
The bank also said it will continue to invest in and grow services to the third-party registered investment advisor market, through asset management, custody, structured notes, stock lending and deposit taking products and services. Goldman shares GS, -0.79% have dropped 5% this year, against the 14% rise for the S&P 500 SPX. The Financial Times reported Monday that while CEO David Solomon has the support of the company’s board, the board will discuss internal dissension at a meeting next month.
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