Goldman Sachs is offering its executives access to the same family office services available to its clients.
Some companies have ATMs on their premises for the convenience of its employees. Goldman Sachs is taking that concept to a whole new level by offering family office services to senior executives, according to «Bloomberg» (story behind paywall).
These wealth management services for the ultra-rich are now being made available to managing directors and current and former partners, giving the firm a captive clientele, the story in «Bloomberg Wealth» said.
New Entity
The new entity, called the «Goldman Sachs Partner Family Office,» offers the executives the same family-office services as Goldman clients.
Goldman CEO David M. Solomon saw his compensation double in 2021 to $35 million from 2020. Other top performers at the firm are expected to earn upwards of $30 million
Net wealth management revenues at the firm rose 25 percent in 2021 over the previous year to $5.98 billion on significantly higher management and other fees. This was primarily from the impact of higher average assets under supervision, significantly higher net revenues in Private banking and lending.
Lisa Opoku, a nearly 20 year veteran of the company, and most recently Chief Operating Officer of the firms engineering division, will be head of the new group.
