Goldman Sachs Personal Financial Management

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]

Goldman Sachs Personal Financial Management
Subsidiary
IndustryFinancial services
Founded2005
FoundersJoe 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
ServicesFinancial life management, investment management
AUMUS$ 24 billion (2018)[1]
Number of employees
487
ParentGoldman Sachs
Websitehttps://www.goldmanpfm.com

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
  1. FA Staff (2015-06-15). "United Capital Acquires Two Firms". Financial Advisor. Retrieved 2015-10-20.
  2. "ABOUT GOLDMAN SACHS PERSONAL FINANCIAL MANAGEMENT". Retrieved 2020-04-05.
  3. Lauren K. Ohnesorge (2015-04-14). "United Capital acquires 30-year-old Chapel Hill advisory firm". Triangle Business Journal. Retrieved 2015-10-20.
  4. Gil Weinreich (2015-04-15). "United Capital's Duran: Wealth management is dead. Long live life management!". Think Advisor. Retrieved 2015-10-20.
  5. Diana Britton (2014-04-14). "Joe Duran's journey out of chaos". Wealth Management.com. Retrieved 2015-10-20.
  6. Dan Jamieson (2013-10-13). "Turning advice on its head". Investment News. Crain Communications. Retrieved 2015-10-20.
  7. "United Capital acquires three". Private Asset Management. p. 6. 2008-12-15.CS1 maint: location (link)
  8. United Capital scoops up a $1.6 billion wealth manager from M&t, Elizabeth MacBride, January 13, 2011, Forbes, February 25, 2016
  9. "United Capital acquired by Goldman Sachs". Crunchbase. May 16, 2019. Retrieved May 17, 2019.
  10. "Goldman Sachs Puts Its Name on United Capital". Barron's. January 29, 2020. Retrieved January 30, 2020.
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