Steward Partners Global Advisory, a Washington, D.C.-based hybrid managing $9.8 billion, has signed on as the first client of a new business at Goldman Sachs providing clearing, custody and other support services to registered investment advisers.
Steward will onboard assets it acquired through its recent acquisition of Umpqua Investments, with the move starting later this year, the firm said in a release.
Steward Partners recently created a broker-dealer offering multi-custodial relationships, saying those would provide advisers with greater choice and enhance the firm's ability to attract advisers.
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The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
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