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The Goldman Sachs Group, Inc.
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==== Asset & Wealth Management ==== Asset & Wealth Management provides investment services to help clients preserve and grow their financial assets and achieve their financial goals. Goldman Sachs provides these services to its clients, both institutional and individuals, including investors who primarily access its products through a network of third-party distributors around the world. Goldman Sachs manages client assets across a broad range of investment strategies and asset classes, including equity, fixed income and alternative investments. Alternative investments primarily includes hedge funds, credit funds, private equity, real estate, currencies, commodities and asset allocation strategies. Its investment offerings include those managed on a fiduciary basis by its portfolio managers, as well as those managed by third-party managers. Goldman Sachs offers its investment solutions in a variety of structures, including separately managed accounts, mutual funds, private partnerships and other commingled vehicles. Goldman Sachs also provides customized investment advisory solutions designed to address its clients’ investment needs. These solutions begin with identifying clients’ objectives and continue through portfolio construction, ongoing asset allocation and risk management and investment realization. Goldman Sachs draws from a variety of third-party managers, as well as its proprietary offerings, to implement solutions for clients. Goldman Sachs provides tailored wealth advisory services to clients across the wealth spectrum. Goldman Sachs operates globally serving individuals, families, family offices, and foundations and endowments. Its relationships are established directly or introduced through companies that sponsor financial wellness programs for their employees. Goldman Sachs offers personalized financial planning to individuals inclusive of income and liability management, compensation and benefits analysis, trust and estate structuring, tax optimization, philanthropic giving, and asset protection. Goldman Sachs also provides customized investment advisory solutions, and offers structuring and execution capabilities in securities and derivative products across all major global markets. Goldman Sachs leverages a broad, open-architecture investment platform and its global execution capabilities to help clients achieve their investment goals. In addition, Goldman Sachs offers clients a full range of private banking services, including a variety of deposit alternatives and loans that its clients use to finance investments in both financial and nonfinancial assets, bridge cash flow timing gaps or provide liquidity and flexibility for other needs. In addition to managing client assets, Goldman Sachs invests in alternative investments across a range of asset classes that seek to deliver long-term accretive risk-adjusted returns. Its investing activities, which are typically longer-term, include investments in corporate equity, credit, real estate and infrastructure assets. Goldman Sachs also raises deposits and has issued unsecured loans to consumers through Marcus by Goldman Sachs (Marcus). Goldman Sachs has started a process to cease offering new loans through Marcus. Asset & Wealth Management generates revenues from the following: * Management and other fees - Goldman Sachs receives fees related to managing assets for institutional and individual clients, providing investing and wealth advisory solutions, providing financial planning and counseling services via Ayco Personal Financial Management, and executing brokerage transactions for wealth management clients. The fees that Goldman Sachs charge vary by asset class, client channel and the types of services provided, and are affected by investment performance, as well as asset inflows and redemptions. * Incentive fees - In certain circumstances, Goldman Sachs also receives incentive fees based on a percentage of a fund’s or a separately managed account's return, or when the return exceeds a specified benchmark or other performance targets. Such fees include overrides, which consist of the increased share of the income and gains derived primarily from its private equity and credit funds when the return on a fund’s investments over the life of the fund exceeds certain threshold returns. * Private banking and lending - Its private banking and lending activities include issuing loans to its wealth management clients. Such loans are generally secured by commercial and residential real estate, securities and other assets. Goldman Sachs also accepts deposits (including savings and time deposits) from wealth management clients, including through Marcus, in GS Bank USA and Goldman Sachs International Bank (GSIB). Goldman Sachs has also issued unsecured loans to consumers through Marcus and have started a process to cease offering new loans. Additionally, Goldman Sachs provides investing services through Marcus Invest to U.S. customers. Private banking and lending revenues include net interest income allocated to deposits and net interest income earned on loans to individual clients. * Equity investments - Includes investing activities related to its asset management activities primarily related to public and private equity investments in corporate, real estate and infrastructure assets. Goldman Sachs also makes investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities. * Debt investments - Includes lending activities related to its asset management activities, including investing in corporate debt, lending to middle-market clients, and providing financing for real estate and other assets. These activities include investments in mezzanine debt, senior debt and distressed debt securities.
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