Daily Management Review

Goldman Sachs buys United Capital investment company for $ 750 mln


American bank Goldman Sachs reached an agreement on the acquisition of United Capital Financial Partners, an investment management company, for $ 750 million.

The deal will be the largest for Goldman Sachs in recent years. It will be paid in cash and is expected to be closed in the third quarter of 2019, according to a press release from the bank.

The amount of assets managed by United Capital is estimated at $ 25 billion. The company employs over 220 financial advisors serving more than 22 thousand clients in the United States.

Goldman Sachs manages assets worth about $ 500 billion, the clients of the investment management business are 60 companies from the 100 largest US firms, according to Forbes.

source: bloomberg.com