Goldman Sachs gets serious about robo-adviser services

March 27, 2017 at 07:47 AM
Share & Print

(Bloomberg) — Goldman Sachs Group Inc. plans to hire a software developer to help open an automated investing service for mass-market wealth clients.

The bank is advertising for a software developer to help create a platform that can be used to give customers "detailed information on their financial portfolio & analytics," according to a job posting on the New York-based firm's website.

The business would "cover mass affluent market by building an Automated Digital Advice Platform (Robo Advisor)," according to the listing. Reuters reported the new service earlier Monday. Andrew Williams, a bank spokesman, declined to comment.

Goldman Sachs runs a private wealth business that has focused on clients with $50 million or more in assets. The bank has been doing more with mass-market consumers in recent years, opening an online bank and an Internet lender for consolidating credit-card debt. Last year, it purchased a retirement-plan operator for members of the so-called gig economy.

The robo-adviser would be housed in the firm's investment-management division, which supervised almost $1.4 trillion in client assets at year-end.

See also:

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Related Stories

Resource Center