Weil is advising Goldman Sachs in the sale of its Personal Financial Management unit to wealth management firm Creative Planning. The transaction is expected to close in the fourth quarter of 2023.
Creative Planning’s wealth management teams will continue to have access to investment solutions and services from Goldman Sachs Asset Management as it builds a leading investment management platform. In July 2023, Creative Planning entered into a strategic custody relationship with Goldman Sachs Advisor Solutions.
“This transaction is progress toward executing the goals and targets we outlined at our investor day in February. It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy and to serve HNW investors through RIA and other wealth management clients, such as Creative Planning,” said Marc Nachmann, Goldman Sachs Global Head of Asset & Wealth Management.
Creative Planning is an industry-leading Registered Investment Advisor and one of the largest in the country, with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisement. With approximately $2.7 trillion in total assets under supervision, Goldman Sachs provides a broad array of investment solutions across all major asset classes. Goldman Sachs Asset Management partners with wealth managers through customized solutions and public and private alternative products for high-net-worth investors through its third-party wealth business.
The Weil team is led by Private Equity partner Brian Parness and includes Private Equity counsel Alexander Miachika and associates Charlotte Knutson, Lucy Tang, Jonas Mutukistna, Joseph Schwartz, Anthony Tulipano and Brayden Ringel; Private Funds partner David Wohl and associate John Bradshaw; Executive Compensation & Benefits partners Regina Readling and Sarah Downie and associate Ace Szmolyan; Tax partner Devon Bodoh and associates Carlos Parra, Renan Rodriguez and Giovanna Navarro Pires (Not Yet Admitted in NY and FL); Technology & IP Transactions partner Charan Sandhu, counsel Luis Gonzalez and associates Meggin Bednarczyk, Dominic Farchione and Alexis Bello; Real Estate Partner Jannelle Seales, counsel Simon Heimowitz and associates Subrina Chowdhury, Alexa King and Lucas Kilravey (Not Yet Admitted in NY); and Antitrust counsel Alexis Brown-Reilly and Michael Naughton along with associate Joon Cho.