Goldman Sachs made the largest acquisition in nearly 20 years, acquiring United Capital for $750 million to strengthen its wealth management business.
United Capital is a California-based investment advisory firm with independent investment advisors in approximately 90 offices in the United States, managing approximately $25 billion of client assets. After the transaction is completed, Joint Capital founder and CEO Joe Duran will join Goldman Sachs. The company’s employees and more than 220 financial advisors will also join Goldman Sachs.
The deal is the first acquisition of Goldman Sachs chief executive David Solomon after taking office in October last year. He said the deal will expand its reach and allow more clients to acquire Goldman Sachs’ intellectual capital and investment capabilities to accelerate wealth management. strategy.