Under CEO David Solomon's direction, Goldman is seeking to grow its entire wealth management business, including its nonprofit asset management arm.
Goldman Sachs has worked with nonprofit groups like endowments and foundations since 2009. The firm is now considering advising more non-traditional groups, like cemeteries and Native American reservations, as it continues expanding.
Those outsourced assets hit $1.1 trillion across the industry last year, and could grow another $500 million over the next five years.Goldman Sachs, which has long managed money for the country's wealthiest individuals and companies, is looking farther afield for new clients. "There are all sorts of interesting pools of capital out there that you don't necessarily think of in the context of nonprofits," he said.
"Who would've thought, cemeteries?" Mallory said."People pre-fund the plots they'll ultimately be buried in on behalf of their family to avoid the family being burdened with those costs. They have a huge pool of money that needs to be invested."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman Sachs says chance of a recession is now just 10%Goldman Sachs economists say Fed policy has reduced the risk of a recession over the next year to just 10% from a previous 20%, at the end of the fourth quarter.
Read more »
Former Goldman Sachs CEO Lloyd Blankfein cracks Twitter joke about bank CEOs being dragged before CongressFormer Goldman Sachs CEO Lloyd Blankfein was happy to be watching from the sidelines this week as CEOs from seven of the country's largest banks appeared before Congress.
Read more »
Morgan Stanley, Goldman Sachs, and all 27 other banks working on Uber's mega-IPORBC Capital Markets, JMP Securities, Raymond James, and others managed to make it on the front page of both Lyft and Uber's coveted 2019 IPOs.
Read more »
Here comes Goldman Sachs earnings...Goldman Sachs is scheduled to report first-quarter earnings on Monday.
Read more »
Goldman Sachs is set to report first-quarter earnings — here's what the Street expectsIt's only Goldman Sachs CEO David Solomon's second quarter running the bank, but analysts will have plenty of questions for him.
Read more »
Goldman's stock gains as big profit beat helps offset revenue missShares of Goldman Sachs Group Inc. gained 0.5% in premarket trade Monday, after the blue-chip bank reported first-quarter earnings that were well above...
Read more »
Stocks making the biggest moves premarket: Goldman Sachs, CVS, Best Buy, Facebook & moreSome of the names on the move ahead of the open.
Read more »
Goldman Sachs profit beats estimates on lower expenses, higher advisory feesGoldman Sachs Group Inc beat quarterly profit estimates on Monday as the bank ea...
Read more »
Here comes Goldman Sachs ... (GS) | Markets InsiderGoldman Sachs crushes earnings and hikes dividend, but equity trading comes up short (GS)
Read more »
Goldman Sachs says Trump has a 'narrow advantage' in 2020 electionA second term for President Donald Trump is more likely than not, Goldman Sachs said.
Read more »
Goldman Sachs supertanker starts to turnThe Wall Street firm’s revenue shrank in the first quarter, but its shift from investment banking is gaining speed. Goldman gets $6 of every $10 in revenue from stable business lines, including interest. Boss David Solomon has more to trim, but what’s underneath is encouraging.
Read more »