Goldman Sachs seeking to strengthen its private wealth management division in Australia
Goldman Sachs Expands Private Wealth Management Team in Australia
Goldman Sachs Group is expanding its private wealth management team in Australia, targeting ultra-wealthy clients with at least AUD 100 million ($65 million) in investible assets. This move aims to cater to self-made multimillionaires and wealthy families seeking to diversify their investments globally.
The expansion plans involve increasing the team of private bankers in Australia, with additional advisers expected to be based in major cities like Sydney and Melbourne. Goldman Sachs is capitalizing on a surge in the number of ultra-wealthy individuals in Australia and is looking to grow and hire the right people rather than hitting a target, according to Jean-Paul Churchouse, Goldman's private wealth management head for Southeast Asia and Australia.
The expanded private wealth management team will deliver comprehensive global investment strategies and advisory services, helping clients diversify their portfolios internationally. The emphasis is on tailored wealth management solutions suited to high-net-worth families and entrepreneurs aiming to secure and grow their wealth across multiple asset classes and jurisdictions.
Goldman Sachs offers Australian investors access to its global network of investment bankers and private deals. The bank expects to align the number of clients per adviser with its international standard, which typically ranges between 20 and 25 clients per adviser.
Goldman Sachs' offerings for the ultra-wealthy segment include managing complex family office portfolios, facilitating entry into specialist asset classes like private equity, and providing expert connections. The bank also hosts client events, such as conferences and seminars, covering topics like philanthropy and climate change.
It is worth noting that Erich Bluhm, who played a significant role in the bank's equity capital markets coverage for financial institutions in the Americas, is departing from Goldman Sachs Group, concluding a three-decade career in the financial sector. Bluhm is leaving due to personal reasons and does not intend to pursue another role in banking.
This expansion reflects Goldman Sachs’ strategic response to Australia’s growing ultra-wealthy segment and increasing demand for sophisticated private banking services in the region. Goldman Sachs' private wealth division was established four years ago and was the sole new private wealth team in the Asia-Pacific region at that time. The bank's expansion in Australia's private wealth management is in its initial phase, with further growth anticipated.
[1] Goldman Sachs expands private wealth management team in Australia, The Australian, 2022 [2] Goldman Sachs is targeting Australia's ultra-wealthy, The Sydney Morning Herald, 2022 [3] Goldman Sachs targets Australia's ultra-wealthy, Financial Review, 2022 [4] Goldman Sachs eyes Australia's growing ultra-wealthy segment, Reuters, 2022
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