Goldman Ditches Robo-Investing for Masses in Sale to Betterment

Goldman Sachs Group Inc. is closing down its automated-investing business for the masses after clinching a deal with Betterment.

The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment-advisory firm. The transfer is expected to be completed by the end of this quarter.

Marcus by Goldman Sachs

Source: Goldman Sachs

“This acquisition further cements our leadership in the digital investing space,” Betterment Chief Executive Officer Sarah Levy said in an emailed statement. The firm’s assets have roughly doubled since Levy took over as CEO at the end of 2020. “We ...