Goldman Selling a Wealth Unit to $240 Billion Money Manager (2)

Goldman Sachs Group Inc. struck a deal to sell an investment-advisory business aimed at the mass-affluent market to Creative Planning LLC, a wealth-management firm that oversees about $240 billion.

The bank agreed to sell the business, with $29 billion in assets, that grew out of United Capital, a registered investment adviser it purchased for $750 million, according to a statement. The offloading of the company just four years after Goldman acquired it signals the firm’s intention to refocus its attention on the ultra-rich segment where it has a dominant presence.

Goldman didn’t disclose the sale price but said ...