Steward Partners Global Advisory, an independent partnership associated with Raymond James Financial Services, has turned to Goldman Sachs to launch a multi-custodial business model.
Goldman will offer clearing, custody, and other related support to Steward Partners starting later this year.
The development follows the launch of the company’s broker-dealer arm Steward Partners Investment Solutions (SPIS).
SPIS offers a multi-custodial business model to expand advisor investment choice and to further capitalise on the partnership’s future growth opportunities.
Steward Partners CEO Jim Gold said: “The ability to work with Goldman Sachs to further build out their custody platform while providing our advisors the opportunity to leverage the intellectual capital and investment platform of a storied institution like Goldman Sachs, is exciting.”
Steward Partners is said to be the first strategic institutional client for Goldman in its new custody business.
The company will onboard Steward’s assets acquired as part of its $3.4bn takeover of Umpqua Investments in April this year.
Steward Partners president and COO Hy Saporta noted that Goldman’s commitment to technology will benefit the firm’s advisers, staff, and clients.
Commenting on the development, Goldman Sachs custody business co-head Adam Siegler remarked that Steward is a natural fit for the company’s first large-scale relationship since its entry into the RIA custody business.
Goldman Sachs custody business co-head Cameron Brien added: “We’re thrilled to be working so closely with Steward as we continue to develop our offering for independent advisors.
“Their years of experience allow them to provide us with invaluable feedback as we expand our technology and product offering.”
Last year, Steward Partners expanded its national presence by setting up a new office in Conshohocken, Pennsylvania.