NEW YORK, September 18, 2020 — Today Goldman Sachs (NYSE:GS) will successfully complete its purchase of Folio Financial, Inc., an execution, clearing and custody platform that serves independent Registered Investment Advisors (“RIAs”) across the wealth spectrum.
Beside this, how much did Goldman pay for Folio?
Folio CEO Steven Wallman revealed the deal in a letter to shareholders. Though deal terms were withheld; the price paid for Folio is about $250 million, a big markdown from the estimated $325-million asking price, says a source in dealmaking.
Similarly one may ask, is Goldman Sachs a custodian?
Goldman Sachs has officially broken into the RIA custody business. … Speculation around Goldman’s possible buildout of an RIA custody platform began in May 2020, when it acquired Folio Financial, a broker-dealer and custodian based in Virginia.
What is an RIA custodian?
An RIA custodian is an institution that maintains the client assets and holdings of a registered investment advisor (RIA). … Under the custody rule of the Investment Advisers Act of 1940, an independent bank or other qualified institution must be appointed to do this.
What is Folio first?
What is FolioFirst? FolioFirst is part of an online stock brokerage and financial technology firm that has been serving investors since 2000. From its beginning, Folio has been dedicated to helping individual investors achieve their long-term financial goals.
What is investor folio?
In mutual funds, a folio number is a unique number identifying your account with the fund. … A folio number also records items such as how much money each investor has placed with the fund, their transaction history, and contact details.
Who bought Folio Investments?
Who bought Goldman Sachs?
Who owns Folio Institutional?
Folio Investments, Inc., is a wholly owned subsidiary of Folio Financial®, which provides investment technology and other services to financial services firms.