Goldman Sachs taps BlackRock pension alum for asset management unit

Goldman Sachs is intensifying its focus on the wealth channel as it hires a BlackRock alum to its asset management unit.

The financial services giant has reportedly appointed Bryan Jacobi, a seasoned executive from BlackRock, as a managing director within its asset management division, as part of its strategy to deepen relationships with large wealth advisory firms across the US.

That was confirmed in an internal memo to employees viewed and reported by Barron’s this week.

According to the memo issued by Richard Lofgren, head of senior relationship management for RIAs at Goldman Sachs, Jacobi’s new role will see him stationed in San Francisco, where he will focus on managing key relationships with wealth managers in the central and western regions of the country.

Jacobi brings nearly 18 years of experience from BlackRock, where he managed relationships with pension funds in the central and western US markets. His extensive background includes a decade of work in BlackRock’s US wealth advisory arm, where he collaborated closely with large RIAs. In his most recent role at BlackRock, Jacobi reported to Don Perault, head of US pensions at the firm.

In his new capacity at Goldman, will be reporting directly to Lofgren, who, in addition to his responsibilities at the Wall Street giant, holds the rank of rear admiral in the US Navy.

Lofgren’s team is responsible for offering a range of services to wealth managers, including custody solutions, securities lending, and providing investment products such as model portfolios.

The addition of Jacobi to the team underscores Goldman’s commitment to enhancing its service offerings to RIAs, a segment that has become increasingly important in the wealth management landscape.

Goldman’s hiring of Jacobi is particularly significant given the firm’s efforts to reorient its wealth management strategy in recent years.

After its 2019 acquisition and subsequent rebrand of wealth management firm United Capital, Goldman bowed out of the RIA business, selling the unit four years later. That shift marked a broader strategic pivot to step back from catering to mass-affluent clients and instead focus on serving ultra-high-net-worth individuals.