Goldman Sachs is looking to ramp up its global wealth management business with the hiring of 200 advisers over the next three years.
The investment bank's president and CEO, John Waldron, said the new hires would help Goldman Sachs aim for an even bigger market share in the UHNW segment
"Today, we're a global leader in this segment, the segment with nearly $25trn of investable assets and highly fragmented. Our share at 2% globally and 4% in the Americas, leaves us plenty of room to run," Waldron said at a conference in New York.
Today, we're a global leader in this segment, the segment with nearly $25trn of investable assets and highly fragmented. Our share at 2% globally and 4% in the Americas, leaves us plenty of room to run"
"Our key priorities here are to continue to grow our private wealth advisor footprint globally, targeting the addition of an incremental 200 advisers over the next three years," he added.
It is not clear if the hiring push will focus solely on clients in the US or Latin America or have a more global reach, a spokesperson told Citywire Americas.
Recently, the bank has been focusing on growing its wealth management business. Last month with the acquisition of $25bn RIA United Capital which caters mostly to mass affluent clients. It is also preparing to launch a product aimed at the mass affluent.
The New York company that has built its reputation as the investment banker and wealth manager to the top echelon of corporate clients and individual investors is also taking measures to expand wealth services through its new Marcus consumer lending business.