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Goldman Sachs Reportedly Buying United Capital for Up to $750 Million

May 13, 2019

Goldman Sachs is close to acquiring the independent RIA firm United Capital Financial Partners, according to news reports.

The companies could finalize a deal, which could be worth several hundred million dollars, as soon as this week, people familiar with the matter tell the Wall Street Journal. An industry source who asked to rename anonymous tells InvestmentNews that Goldman will pay $750 million.

Goldman’s existing wealth management operations consist of around 450 private bankers overseeing $480 billion in asserts, the Journal writes. Founded in 2005, Newport Beach, Calif.-based United Capital’s 220 advisors oversee $24 billion, according to the paper.

United Capital’s clients are similar to those on Goldman’s Ayco platform, which offers financial planning to executives, as well as financial advice through corporate human resources offices, the Journal writes. Goldman bought Ayco in 2003, according to InvestmentNews.

The deal could still fall apart, however, according to the Journal. United Capital had brought on bankers at Moelis & Co. to attract investors, and among those interested have been at least one other bank as well several private-equity firms, sources tell the paper.

(Getty)

A United Capital spokesman didn’t immediately comment to InvestmentNews while a Goldman Sachs spokeswoman declined comment to the publication.

United Capital has grown in large part thanks to its own substantial acquisitions. In March, the firm acquired Irongate International and Peachtree Investment Advisors, which collectively oversee more than $800 million, as reported.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.
  • To read the Wall Street Journal article cited in this story, click here.