Goldman Sachs Personal Financial Management
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 2005 |
| Founders | Joe Duran, Bob Doede |
| Headquarters | Newport Beach, California , United States |
Area served | Worldwide |
Key people | Joe Duran, CEO and co-founder, Bob Doede, Chairman and co-founder, Matt Brinker, Head of Acquisitions, Mike Capelle, Head of Platform, Jason Del Col, Head of Advisory, Jon Frojen, CFO |
| Services | Financial life management, investment management |
| AUM | US$ 24 billion (2018)[1] |
Number of employees | 487 |
| Parent | Goldman Sachs |
| Website | https://www.goldmanpfm.com |
Goldman Sachs Personal Financial Management, is a division of Goldman Sachs responsible for wealth management of high-net-worth individuals.[2] It has 74 offices in the United States and manages $25 billion in assets.[1][3]
History
Goldman Sachs Personal Financial Management was founded in 2005, under the name United Capital, as a national network of independent advisory firms.[4] The company was initially founded, financed and developed by Joe Duran and his business colleagues. By 2010, United Capital had over 150 employees and $30 million in revenue.[5] By 2008, following several acquisitions of investment advisory firms such as Maul Capital Management, Integrated Financial Management, and Trevethan Capital Partners, United Capital was operating with 47 offices and 350 employees.[6][7] The company made its largest acquisition in 2012 when it acquired Zirkin, a $1.6 billion firm that was previously part of M&T Bank.[8]
United Capital was acquired by Goldman Sachs on May 16, 2019 for $750 million and the name of the division was subsequently rebranded as Goldman Sachs Personal Financial Management on January 30, 2020.[9][10]
References
- ^ a b FA Staff (2015-06-15). "United Capital Acquires Two Firms". Financial Advisor. Retrieved 2015-10-20.
- ^ "ABOUT GOLDMAN SACHS PERSONAL FINANCIAL MANAGEMENT". Retrieved 2020-04-05.
- ^ Lauren K. Ohnesorge (2015-04-14). "United Capital acquires 30-year-old Chapel Hill advisory firm". Triangle Business Journal. Retrieved 2015-10-20.
- ^ Gil Weinreich (2015-04-15). "United Capital's Duran: Wealth management is dead. Long live life management!". Think Advisor. Retrieved 2015-10-20.
- ^ Diana Britton (2014-04-14). "Joe Duran's journey out of chaos". Wealth Management.com. Retrieved 2015-10-20.
- ^ Dan Jamieson (2013-10-13). "Turning advice on its head". Investment News. Crain Communications. Retrieved 2015-10-20.
- ^ "United Capital acquires three". Private Asset Management. p. 6. 2008-12-15.
{{cite news}}: CS1 maint: location (link) - ^ United Capital scoops up a $1.6 billion wealth manager from M&t, Elizabeth MacBride, January 13, 2011, Forbes, February 25, 2016
- ^ "United Capital acquired by Goldman Sachs". Crunchbase. May 16, 2019. Retrieved May 17, 2019.
- ^ "Goldman Sachs Puts Its Name on United Capital". Barron's. January 29, 2020. Retrieved January 30, 2020.