![]() ![]() The Folio acquisition will build out the services Goldman already provides, and give it access to Folio's technology, as well as the ability to earn fees from being the custodian of assets for other firms.īy joining Goldman, Folio said it gains a global audience to market its investment technology to, a long-term goal of the firm, Folio Chief Executive Steven Wallman wrote in the letter to customers. Goldman has made investment products and funds for RIAs, as well as operated several RIAs in its asset management business for years. Wealth management firms are required to custody, or keep, clients' money at a third-party financial institutions to make sure it is safe, and they pay that third party a fee. ![]() RIAs are independent, often smaller wealth management firms that sell investment products from a number of financial services providers, rather than from one bank or fund company. Typically, companies are required to disclose to investors the price paid for acquisitions on deals worth more than $500 million.īased in McLean, Virginia, Folio has roughly 160 employees and $11 billion in assets under custody for registered investment advisers, or RIAs. Both companies declined to comment on the price of the acquisition, saying it was not material information for investors. Personal Loans for 670 Credit Score or LowerĪ Goldman Sachs spokesman confirmed plans for the acquisition and the contents of the letter but declined to comment further. Personal Loans for 580 Credit Score or Lower institutional investors turn to for insight on the financial markets. Best Debt Consolidation Loans for Bad Credit Institutional portfolio managers (CFA), fund managers, plan sponsors, chief.
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