Goldman Sachs Group Inc. GS, +1.56% said Monday it sold its Personal Financial Management unit to Creative Planning LLC, a registered investment advisor, for an undisclosed sum. Creative Planning said its wealth management teams will continue to access services from Goldman Sachs Asset Management.
Goldman Sachs said the transaction will result in a gain after it closes in the fourth quarter. The announcement comes after Goldman Sachs said on Aug. 21 it was considering the sale of PFM, which has $29 billion in assets. Goldman is shifting its focus to its ultra-high net worth business, which counts more than 16,000 clients and tips the scale at $1 trillion in assets.
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