Goldman Sachs launches Marcus Invest asset management service for investors with small capital, according to Reuters. The service will automatically invest clients’ funds in exchange-traded funds (etf) on stocks and bonds and rebalance portfolios based on models that develop the bank’s investment strategy.
Historically, Goldman Sachs has offered asset management services to clients with capital of more than $ 10 million, according to The Wall Street Journal. The new service is designed for mass investors – the minimum amount to open an account is $ 1000. The annual service fee will be 0.35%, while for wealthy clients, fees for welfare advice may exceed 1% of the account balance, the publication said.
Retail investor interest in the stock market is now at its peak: stock trading applications like Robinhood have recently attracted millions of new users who want to participate in the “viral” stock trading GameStop and other popular traders, writes WSJ. However, unlike Robinhood and its competitors, the Goldman Sachs service will not yet give investors the opportunity to buy and sell shares of individual companies. Goldman Sachs believes that for most investors, the best way to build capital gradually is to diversify their portfolios, said Stephanie Cohen, co-chair of the bank’s banking operations and capital management department. However, in the future, Goldman may begin providing brokerage services through Marcus Invest, according to the WSJ.
One of those who tested the platform in beta was Goldman CEO David Solomon. Its strategy aims to reduce Goldman Sachs’ dependence on risky investment activities by shifting the focus to the consumer business, writes Reuters. The Financial Times previously noted that Goldman remains the only American bank that is heavily dependent on this type of income.
In 2016, the bank launched the Marcus division to diversify its revenues and funding sources by offering savings accounts and loans to private clients. Marcus Invest offers individual and joint investment accounts, as well as three types of individual pension accounts.
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