Goldman Sachs Buying Financial Services Boutique Folio Financial
Goldman Sachs (NYSE: GS) is buying more capacity in the wealth management segment. The investment bank has agreed to buy fintech and financial services company Folio Financial, as confirmed by the latter on its website. Neither the price nor the terms of the transaction have yet been disclosed, although Folio promised to provide further details when the two parties near the close of the deal.
Folio is a Virginia-based company that has several business units, including custodial services and securities trading. All told, it has around $11 billion in assets under custody for registered investment advisors (RIAs).
Although Goldman also confirmed the acquisition, it has not yet made an official statement.
Source Fool.com
