Goldman Sachs Group Inc. agreed to buy wealth manager United Capital for $750 million, one of the investment bank’s biggest purchases of recent years.
The deal is expected to be completed in the third quarter, Goldman said May 16 in a statement. United Capital has about $25 billion in assets under management, 220 financial advisers and 22,000 clients, according to the statement.
Goldman Sachs’s new management team, led by Chief Executive Officer David Solomon, has made building out fee-based businesses a high priority and pointed to the mass-affluent market as a source of growth.
The United Capital purchase will help ...
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