![]() “This transaction signifies the fact that there will be very few established independent custodians remaining that won’t compete directly with advisers for retail customers.” “Furthermore, it will allow them to vertically integrate their digital businesses and connect the dots between their front office and back-end solutions,” Capuzzi says. He said he sees Goldman Sachs’ technology acquisition and innovation strategy as “part of one of the biggest but somewhat overlooked financial news stories going on right now.”Įchoing that sentiment, Bill Capuzzi, CEO of the independent custody and financial services technology provider Apex Clearing, says the Folio deal will position Goldman Sachs to more directly compete with some of the biggest retail financial services players-including heavy hitters such as Charles Schwab and Fidelity. Indeed, as Rob Foregger, co-founder of Next Capital, recently told PLANADVISER, the Folio acquisition is far from the first to be made in recent years by Goldman Sachs in the area of financial services technology. Wallman further said the transaction would “enhance our innovations and bring scale to our business, particularly in the execution, clearing and custody space,” adding that Goldman Sachs and Folio “share a commitment to serving the needs of our clients and to expanding the scope of sustainable, responsible and impact investing.”įor its part, Goldman Sachs was more reticent in describing its incentives for the deal, but clearly part of the motivation is the potential combination of Folio’s patented technologies and services with Goldman Sachs’ investment solutions and access to global resources. ![]() ![]() Despite the fact that the coronavirus pandemic is slowing down financial services industry merger and acquisition (M&A) activity, deals continue to be inked.īack in mid-May, for example, Goldman Sachs announced its intention to acquire Folio Financial.Īt the time, Folio CEO Steven Wallman said joining with Goldman Sachs would fulfill his firm’s “long-term goal of partnering with a pre-eminent financial services firm to increase the reach and impact of the investment technology and services that many hundreds of people over the last two decades have dedicated their lives to creating.” ![]()
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