(Reuters) - Goldman Sachs Group Inc on Thursday agreed to buy boutique wealth management firm United Capital Financial Partners Inc for $750 million (585 million pounds) in its biggest deal since the financial crisis.
Goldman has been ramping up efforts to grow its retail client base and deposits in a bid to diversify its revenue streams, and the deal will add United Capital’s 22,000 clients and $25 billion of assets under management to its portfolio.
The deal, which comes just seven months after CEO David Solomon took the helm, also gives Goldman several thousand affluent and high net worth clients, a wealth bracket the bank currently does not serve.
Joe Duran, founder and CEO of United Capital, will join Goldman Sachs, the companies said.
Goldman Sachs is the financial adviser and Fried, Frank, Harris, Shriver & Jacobson LLP the legal adviser to Goldman Sachs.
Moelis & Co advised United Capital, while Kilpatrick Townsend & Stockton LLP was its legal adviser.
Reporting by Bharath Manjesh in Bengaluru; Editing by Saumyadeb Chakrabarty