Goldman Sachs Acquiring Wealth Management Firm Folio Financial

According to Reuters Goldman Sachs is acquiring the boutique wealth management firm, Folio Financial, for an undisclosed amount; Goldman Sachs confirmed the plans for the acquisition but would not comment on the deal; Folio has $11 billion in assets under custody for RIAs and 160 employees; CEO Steven Wallman said in a letter to customers that through this deal Folio gains a global audience to market its investment technology to, a long term goal for the firm; the deal has been in the works since mid-2019 and both companies hope to close some time in Q3 subject to regulatory approval. Reuters