Goldman Sachs PFM Sheds Individual Clients
The former United Capital has lost about 8% of its individual clients even as it gained in the HNW segment and overall AUM.
Regulatory filings for Goldman Sachs Personal Financial Management (PFM), as United Capital was renamed after it was acquired by Goldman Sachs in 2019, shows that the firm lost individual clients from 2020 to 2021, even as it gained some HNW and institutional clients and its overall AUM grew, according to the firm's most recent regulatory filings.
The firm’s Form ADV filed at the end of March showed that the number of individual clients managed by the firm dropped some 8%, from 14,940 in December 2020 to 13,715 by this spring. Assets managed across individual client accounts fell 5%, from $5.27 billion to $4.99 billion.