GS Goldman Sachs Group Inc

By Liz Hoffman 

Goldman Sachs Group Inc. is nearing a deal to acquire investment management firm United Capital Financial Partners Inc. expanding its push into managing assets for individuals, according to people familiar with the matter

The deal would be Goldman's biggest deal since the financial crisis and could be announced as soon as Monday, the people said.

United Capital, based in Newport Beach, Calif., manages some $24 billion in client assets and had more than 220 advisers. The exact price couldn't be determined, but Goldman is paying several hundred million dollars, some of the people said.

The deal isn't done and, as with any negotiation, could fall apart. United Capital had been seeking investors and earlier been in negotiations with private-equity firms that failed to finalize a pact, one person said.

Goldman has been making a push to diversify its businesses and manage more money for clients, considered a steadier income stream. United Capital would slot into Goldman's existing private wealth business which manages money for millionaires and furthers its goals of broadening that roster of clients to the less affluent. The bank is working to roll out a robo adviser and has been expanding its Marcus products aimed at that mass-affluent demographic.

United Capital is a technology-heavy set of advisers that pitches not just stodgy stock advice, but counseling on how to "live richly."

David Benoit contributed to this article.

Write to Liz Hoffman at liz.hoffman@wsj.com

(END) Dow Jones Newswires

May 10, 2019 16:30 ET (20:30 GMT)

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