Louis Diamond Quoted – By Ian Wenik, Citywire – Goldman Sachs, RIA custodian? Industry experts told Citywire that this might be the thinking underlying the financial services goliath’s latest acquisition: Folio Financial, an online broker and custodian in McLean, Va. Financial terms of the transaction, which Folio revealed on Thursday, were not disclosed.
Goldman Sachs splashes out on Folio in RIA custody move and gets a few robo-advisors into the bargain, days after Schwab buys Motif
Louis Diamond Quoted – By Oisin Breen, RIABiz – Goldman Sachs took another big step into the RIA business with the acquisition of custodian Folio Institutional. The New York giant revealed its acquisition of Folio Financial Inc. today (May 14), with an expected close in the third quarter this year — and the latest overt move by Goldman CEO David Solomon to make his company much more like Fidelity Investments or Charles Schwab & Co.
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