October 10, 2022
By Ian Wenik
Goldman Sachs is getting into the RIA breakaway business.
The storied investment bank and startup RIA custodian has revealed that it is providing custodial services to Beverly Hills Private Wealth, a new breakaway RIA in the tony Los Angeles suburb of Beverly Hills, Calif. led by a trio of former Merrill Lynch advisors.
The three advisors — Scott Shagrin, Ira Ravitz and Lisa Weiner — collectively managed $1bn in assets at the wirehouse, according to the RIA and Goldman Sachs. Ownership of the RIA is split between trusts set up by Shagrin and Ravitz, according to a Form ADV filing with the Securities and Exchange Commission (SEC); Shagrin’s trust has a majority stake.
‘We had a great run at Merrill, but it is time for the next chapter. Not just for us, but for our clients. And the future looks very bright,’ Ravitz said in a statement. Ravitz and Shagrin had worked at Merrill Lynch since 2006, while Weiner had been part of the team since 2013.