The Goldman Sachs Group announced on Thursday that it will buy $25 billion AUM mega-RIA United Capital Financial Partners for $750 million in cash.
“We have a leading wealth management franchise, driven by our pre-eminent Private Wealth Management and Ayco offerings, which will serve as a cornerstone of our business as we execute on our long-term strategy to offer clients solutions across the wealth spectrum,” said David M. Solomon, chairman and CEO of Goldman Sachs, in released comments. “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.”
United Capital has 220 financial advisors serving 22,000 clients from more than 90 offices in the U.S. The firm also operates FinLife CX, a white label digital platform for independent advisors.
As part of the transition, Joe Duran, founder and CEO of United Capital, will join Goldman Sachs, as will United Capital’s advisors and employees.
The deal adds to Goldman Sachs's wealth management business, which already has $500 billion of assets under supervision between its Private Wealth Management high-net-worth business and Ayco corporate financial counseling and investment management arms.
United Capital’s technological capabilities will be used to “enhance” Ayco’s business with corporate clients.
The deal is expected to close in the third quarter of 2019.