Goldman Sachs confirmed last week's rumors and said early Thursday that it was buying RIA United Capital for $750 million in cash.
The Wall Street firm sees United Cap, which has a 220-strong financial advisor network with about $23.4 billion in assets and a white-label wealth management platform used by RIAs with $25 billion in assets, as supporting its ability to serve mass-affluent and wealthier clients with digital and in-person services.
"We have a leading wealth management franchise … , which will serve as a cornerstone of our business as we execute on our long-term strategy to offer clients solutions across the wealth spectrum," according to Goldman Chairman & CEO David Solomon.
"United Capital will help accelerate this strategy by broadening our reach, allowing more clients to access the intellectual capital and investment capabilities of Goldman Sachs," he explained.
