Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Goldman plans wealth management push

Goldman plans wealth management push

Goldman Sachs has its sights on the European wealth management market, as the bank seeks to diversify away from investment banking.

The US bank is to expand its European wealth management business with the launch of a European lending unit for its private clients, the FT reported.

It is a move that puts Goldman in direct competition with a number of private banks that have traditionally dominated the space.

The new European lending arm is targeting a $5 billion loan book over the next three years, providing secured loans for liquidity facilities, portfolio diversification, tax payments or luxury purchases. It will form part of Goldman's London-based International Bank. 

Goldman already has a lending business for high net worth clients in the US, which it established in the wake of the financial crisis However, in Europe the bank has not been as active and has only given a limited number of margin loans, where it has lended against securities, to its wealthy customers.

The FT reported the bank also aims to expand its presence in the UK top end mortgage market by offering mortgages for prime properties. It is expecting regulatory approval within the next 12 months.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter