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June 17, 2019updated 18 Jun 2019 9:26am

Goldman Sachs to create new unit with $140bn in assets

American investment bank Goldman Sachs is consolidating its private-investing divisions to create a new unit, reported The Wall Street Journal.

The creation of the new unnamed arm is expected to take several months.

The units to be merged offer exposure to private firms, real estate as well as other hard-to-access deals.

It includes the bank’s merchant-banking unit, special situations group, strategic investing group, private-equity and real-estate groups.

The merchant-banking arm is said to be the core of the new division. It has nearly $100bn in private assets.

The special situations group oversees around $30bn and the strategic investing group offers exposure to fintech start-ups.

The combined unit will manage around $140bn in assets.

Goldman has recently made several restructuring moves in its wealth management division. In October last year, it moved Marcus, its digital banking unit, to its wealth management division. 

Then, in just last month, Goldman Sachs announced the acquisition of US-based wealth manager United Capital Financial Partners in a $750m deal.

The bank recently also invested $250m to bolster its presence in India.

Goldman Sachs’ net earnings was $2.18bn in the first quarter of 2019, down 20% from $2.74bn in the same quarter of 2018.

 

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