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Goldman Partners with Fidelity Investments

July 31, 2017

Goldman Sachs is teaming with Fidelity Investments in a venture that will allow advisers of the Boston-based firm to offer client loans ranging from $75,000 to $25 million. Taking advantage of its banking license and a growing base of deposits through Marcus, its online banking operation, Goldman will offer loans that will backed by investment portfolios held at Fidelity.   


Goldman Sachs will utilize its technology and a small team of bankers - that will grow to 20 people by year’s end – to provide advice to financial advisers, who will continue to deal directly with clients and help them select what loan best fits their needs. Goldman will offer one-day approvals on many of these securities-based loans.


U.S. Bancorp has the jump on Goldman, having launched a similar product last year with Fidelity Institutional - which provides services for RIAs, B/Ds and family offices. Minneapolis-based U.S. Bancorp has since expanded its offering of financial products, such as financing aircraft and life insurance premiums. Goldman Sachs CEO Lloyd Blankfein is looking for the same sort of expansion in its relationship with Fidelity Investments.