Goldman Sachs has agreed to buy venture capital investment firm Industry Ventures for just under $1bn, as the Wall Street bank seeks to broaden its money management platform.
Growing in asset and wealth management has been a strategic priority for Goldman chief executive David Solomon, who believes the steady fee income from managing money can help make the business less reliant on volatile investment banking and trading.
San Francisco-based Industry Ventures manages about $7bn in assets and will sit inside Goldman’s alternatives business which has roughly $540bn in assets. Goldman already held a minority stake in the company, which it acquired in 2019.
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