Goldman Sachs makes biggest acquisition in nearly 20 years
2019-05-20 21:56

New York (CNN Business)Goldman Sachs just made its first M&A splash of the David Solomon era, scooping up United Capital in a bid to beef up its wealth-management business.

纽约(CNN商业)——高盛刚刚完成了大卫所罗门时代的第一次并购交易,它收购了联合资本(United Capital)以加强其财富管理业务。

The Wall Street heavyweight is pushing deeper into the slow-but-steady wealth management industry in hopes of offsetting the turbulence experienced in its once-vaunted trading arm.


Goldman's $750 million purchase of Newport Beach, California-based United Capital is the company's largest in nearly two decades, The Wall Street Journal reported.

据《华尔街日报》报道,华尔街巨头高盛(wgoldman)斥资7.5亿美元收购了总部位于加州新港滩(Newport Beach)的联合资本(United Capital),这是该公司近20年来规模最大的一笔收购。

Major acquisitions have been rare in the post-crisis world as Wall Street firms focus on avoiding the wrath of regulators and politicians.


Acquiring United Capital — a boutique firm that has $25 billion in assets under management and more than 22,000 clients — instantly gives Goldman Sachs (GS) a larger footprint in wealth management and access to state-of-the-art technology.

收购联合资本(United Capital)——这是一家管理着250亿美元资产、拥有2.2万多名客户的精英公司——立刻让高盛(Goldman Sachs)在财富管理领域占据了更大的市场份额,并获得了最先进的技术。

Solomon — a part-time DJ and Goldman veteran who became the firm's CEO in October — said the deal will "accelerate" the wealth management strategy by "broadening our reach, allowing more clients to access the intellectual capital and investment capabilities of Goldman Sachs."


Goldman Sachs is aiming to diversify away from trading, a troubled part of the bank in recent years.

高盛(Goldman Sachs)的目标是实现业务多元化,不再局限于交易活动,近年来它一直是该银行的一个棘手部门。

All major US banks suffered revenue declines during the first quarter in fixed income, commodities and currencies, with Goldman's 11% plunge leading the way lower, according to Keefe, Bruyette & Woods. Trading revenue is expected to shrink again during the second quarter due in part to slower trading activity.

Keefe, Bruyette & Woods的数据显示,今年第一季度,美国所有主要银行的固定收益、大宗商品和外汇收入均出现下滑,高盛领跌,下滑幅度为11%。预计第二季度交易收入将再次萎缩,部分原因是交易活动放缓。

"Wealth management revenue tends to be stickier. That makes it attractive," said Brian Kleinhanzl, a KBW analyst.


As part of the deal, United Capital founder and CEO Joe Duran will join Goldman Sachs. United Capital's employees and more than 220 financial advisors across the United States will also be joining the Wall Street firm.

作为交易的一部分,联合资本(United Capital)创始人兼首席执行官乔•杜兰将加盟高盛。美国联合资本公司的雇员和220多名财务顾问也将加入这家华尔街公司。

The United Capital deal appears to be Goldman's biggest since it announced a $6.5 billion purchase of market maker Spear, Leeds & Kellogg in September 2000.

收购联合资本(United Capital)似乎是高盛自2000年9月宣布以65亿美元收购市场制造商斯皮尔(Spear, Leeds & Kellogg)以来规模最大的一笔交易。

Kleinhanzl said that while United Capital is a "fairly well-regarded" investment adviser, the firm's clientele is not as affluent as the typical Goldman Sachs client. He said regulatory filings show that United Capital's average account size is in the $300,000 range, compared with about $50 million for Goldman's private wealth business.

Kleinhanzl表示,尽管联合资本(United Capital)是一家“颇受好评”的投资顾问公司,但该公司的客户并不像高盛的客户那么富裕。他说,监管备案文件显示,联合资本的平均账户规模在30万美元左右,而高盛的私人财富业务约为5,000万美元。

Beyond adding new clients, Goldman Sachs wanted to acquire United Capital to get its hands on the firm's technology. United Capital's financial advisers use digital platform FinLife CX to grow their business, customize portfolios and stay connected with clients.

除了增加新客户,高盛还希望收购联合资本(United Capital),以获得该公司的技术。联合资本的财务顾问利用数字平台FinLife CX扩大业务、定制投资组合,并与客户保持联系。

Goldman Sachs can leverage that technology to improve the platforms it uses for its private wealth management and Ayco businesses. Ayco caters to corporate executives and employees, providing financial advice and investment management tools to more than 400 major companies.

高盛(Goldman Sachs)可以利用这项技术,改进其用于私人财富管理和Ayco业务的平台。Ayco服务于企业高管和员工,为400多家大公司提供财务咨询和投资管理工具。

Last year, Goldman Sachs sought to bolster the technology used to help regular people manage their money by acquiring Clarity Money. The personal finance app, which uses machine learning, is part of Marcus, the consumer bank Goldman Sachs launched in 2016.

去年,高盛(Goldman Sachs)试图通过收购 Clarity Money,加强帮助普通人管理资金的技术。这款使用机器学习的个人理财应用是消费银行高盛(Goldman Sachs)于2016年推出的Marcus的一部分。

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