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Since the turmoil that seized the banking sector with the mid-March failure of Silicon Valley Bank, at least 21 advisors have left First Republic Bank, with 13 heading to Morgan Stanley. So reports AdvisorHub.
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Goldman Sachs has announced the sale of United Capital, its Los Angeles-based wealth advisory business with $29 billion in assets under administration, to Overland Park, Kansas-based Creative Planning. So reports RIABiz.
The deal is seen as a feather in the cap of Creative Planning CEO Peter Mallouk, whose firm now has $245 billion in assets under administration.
For Goldman, the move also addresses the question of how to handle United Capital, which it acquired for $750 million, as the company’s long-term strategy has changed.
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