Goldman Sachs said to be near deal to buy United Capital

Goldman Sachs said to be near deal to buy United Capital
Goldman is paying $750 million for the RIA aggregator, according to one source.
MAY 10, 2019

The Goldman Sachs Group Inc. is close to buying United Capital Financial Partners Inc., a leading roll up and aggregator of registered investment advisers, according to a report in the Wall Street Journal on Friday and InvestmentNews sources. According to one industry source who asked not to be named, Goldman will pay $750 million for United Capital, a private company which is the brainchild of Joe Duran. United Capital Financial Partners is the parent company of United Capital Financial Advisers, an RIA with $23.4 billion in assets under management and 95 offices nationally. The move is significant for both firms. It gives Goldman a better foothold in the broader wealth management space, an industry into which the giant investment bank has said it wants to expand. In 2003, Goldman bought Ayco, which works with companies to offer financial planning to executives. For United Capital, the sale gives Mr. Duran and his investors a significant payout after years of building the network. The deal is also a mark of validation for the independent RIA industry. A United Capital spokesman was not immediately available to comment. A Goldman Sachs spokeswoman declined to comment. Financial Planning magazine reported last month that United Capital had hired a banker this year to explore a sale.

Latest News

Finra's Reg BI Enforcement: Is it 'ineffective, costly'?
Finra's Reg BI Enforcement: Is it 'ineffective, costly'?

The industry watchdog's own reports reflect failures to deter "willful" and "repeat" violations, raising a crucial question about the future of regulation.

SEC prepares to back away from defending climate rule in court
SEC prepares to back away from defending climate rule in court

Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.

wealth.com welcomes Kathy Wunderli in private wealth push
wealth.com welcomes Kathy Wunderli in private wealth push

The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.

Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam
Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam

“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.

LPL welcomes $630M sibling advisor duo from Corebridge
LPL welcomes $630M sibling advisor duo from Corebridge

Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.