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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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NEWSLETTERS & ALERTS
Goldman Sachs Looking to Build a Robo-Advisor
[Photo: Goldman NYSE Booth, by Justin Lane / EPAfile]
Goldman Sachs looks to join the ‘Robo-Advisor’ party by building its own platform within Goldman Sachs Asset Management. On Monday, the private wealth division placed a job ad on its career web site seeking employees to help build a robo-advisor (Automated Digital Advice) platform for its ‘Mass Affluent Market’. That private wealth business is geared for clients with at least $50 million in assets.
The Robo Advisor service would be included in GSAM’s multi-product platform, which currently offers such products and services as hedge funds, private equity, fund of funds, quantitative strategies, fixed income, fundamental equity and a global portfolio solutions business.
The robo-advisor strategy complements Goldman’s other diversification efforts – like last October’s launch of Marcus, its online personal loan platform. Once in place, Goldman will be competing with the likes of Charles Schwab and upstarts like Betterment. That said, future prospects bode well for Goldman because wealthy clients have expressed interest in robo-advisory services, particularly ones that also offer access to human advisors.