The United Capital Financial Advisers brand name is no more.
Goldman Sachs is rebranding the $25bn RIA as ‘Goldman Sachs Personal Financial Management,’ according to presentation materials for the company’s investor day.
Goldman Sachs also said that it wants to grow its high net worth wealth management division from its current sub-1 percent market share in the US.
The rebrand was long in the making. United Capital Financial Advisers chief executive Joe Duran (pictured) indicated at the MarketCounsel Summit in December of 2019 that a change was imminent.
‘People say: “Well, isn’t it sad that you’re going to lose ‘United Capital’?” The truth is, I invented the name so that it would sound big, like everyone had heard it before. It’s just a generic name. I’m not attached to it in any way,’ Duran said at the time.
Goldman Sachs purchased United Capital for $750m in cash in the summer of 2019. After initially pursuing a private equity backer, Duran ultimately opted to sell the company to a strategic buyer.
Before the Goldman Sachs sale, United Capital was backed by Australian investment firm AMP Limited, private investment firm Sageview Capital and venture capital investors Bessemer Venture Partners and Grail Partners.