The Wall Street investment banking giant has made no secret in its desire to expand its private wealth division. There are limits on what it can do.
Goldman Sachs is considering applying for a local banking licence to extend a broader suite of lending products to its ultra-high net worth clients in Australia, the bank’s co-head of global private wealth management, John Mallory, says.
“We’re looking to build out further because in other parts of the world where we do have those licences, that’s an important part of our value proposition, but it’s not something we’ve been doing here just yet,” he said. “We’re going to try to focus really on the largest families here in Australia, that feels more like an institutional kind of business coverage model,” Mr Mallory, who shares the role with Meena Flynn, said. “Those folks are looking for help on a global basis in terms of their needs and requirements. And we’re going to be here for the long haul for sure.”everal investment banks have in the past year taken steps to focus on the top end of the high net wealth market.
Mr Mallory said he was buoyed by the increased competition. “The fact that others are trying to operate in that space or try to make inroads in that space here, frankly to me is almost more than just a validation of how much opportunity there is in that space,” he said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Citi Australian business records losses as ‘Project Bora Bora’ takes shapeCiti, Morgan Stanley, Goldman Sachs and Jefferies’ Australian operations experienced heavy dips in profits last year.
Read more »
Gender pay gap: Goldman Sachs’ women problem is getting worseThe mean hourly pay difference between men and women has reached 54 per cent as the bank struggles to promote more women to top positions.
Read more »
Ansell prepares $400m equity raise for M&A; Goldies on ticketGoldman Sachs started wall-crossing fund managers over the weekend ahead of the mooted cash call.
Read more »
Formula 1 Australian Grand Prix | Australian Financial ReviewThe latest Formula 1 Australian Grand Prix news, articles and analysis from the Australian Financial Review
Read more »
Formula 1 Australian Grand Prix | Australian Financial ReviewThe latest Formula 1 Australian Grand Prix news, articles and analysis from the Australian Financial Review
Read more »
Australian Grand Prix 2024: Potential and pressure for Australian F1 drivers in MelbourneOscar Piastri will join Daniel Ricciardo on the Melbourne grid this year, marking the first time since 2013 that two Australians have raced in the same grand prix.
Read more »