Goldman has about US$560 billion in wealth-management assets under supervision, most of it catering to the ultra-high net worth crowd. Under Chief Executive Officer David Solomon, the firm known for trading and dealmaking is heaping new focus on managing money for the wealthy.
(Feb 18): Goldman Sachs Group Inc. planned a hiring spree to ramp up the fees it gets from advising the wealthy. It got a reminder this week that it’s not alone.
Teams of advisers overseeing US$10 billion ($13.9 billion) in assets are leaving for rivals. A group headed by Denis Cleary and Gregory Devine with US$6 billion in assets under management will move to UBS Group AG. Brian Zakrocki and Joe Wladyka, who helped manage about US$4 billion, are leaving Goldman for First Republic, according to people with knowledge of the matter, who asked not to be identified discussing personnel matters.
