Goldman Sachs Group Inc. struck a deal to sell an investment-advisory business aimed at the mass-affluent market to Creative Planning LLC, a wealth-management firm that oversees about $240 billion.
The bank agreed to sell the business, with $29 billion in assets, that grew out of United Capital, a registered investment adviser it purchased for $750 million, according to a statement. The offloading of the company just four years after Goldman acquired it signals the firm’s intention to refocus its attention on the ultra-rich segment where it has a dominant presence.
Goldman didn’t disclose the sale price but said it expects to recognize a gain when the deal closes. That’s in sharp contrast to the other sale Goldman is pursuing: the divestment of installment lender GreenSky at a steep discount just over a year after it completed that takeover.
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