Goldman Sachs Set to Buy United Capital

By Janet Levaux

News May 10, 2019 at 05:29 PM

Share & Print

Goldman Sachs is close to striking a deal to buy United Capital, according to reports late Friday. If the companies agree, this transaction could be Goldman's largest deal since the 2008 financial crisis.

United Capital, led by Joe Duran, has two main businesses: its financial advisor network, which has been adding RIAs and has about $23.4 billion in assets, and its white-label wealth management platform, FinLife Partners, used by 46 RIAs with $25 billion in assets.

The news was first reported by The Wall Street Journal, which did not estimate the deal's price. According to a source who spoke with Investment News, it could hit $750 million.

One of Investment Advisor's 25 industry VIPs of 2019, Duran told advisors at an industry event in January that they should think about "what you do in terms of the client experience and deliver it" accordingly.

"Value is perception, not reality," he said. "Price is fact. Value is perception 100%. And it's driven by how [that value] is delivered, how it's explained to you and how it's experienced."

Given his business acumen and marketing savvy, Duran is likely pushing for United Capital's perceived value to translate into a good price from Goldman Sachs.

NOT FOR REPRINT