Fact Sheet: Goldman Sachs Private Bank Select™
Today, Goldman Sachs introduces Goldman Sachs Private Bank Select™ (“GS Select”), a new online lending program that provides financial advisors at third-party broker-dealers, Registered Investment Advisors (‘RIAs’) and asset custodians the ability to offer securities based loans (‘SBLs’) to their clients.
Facts about GS Select:
- GS Select is an expansion of the firm’s existing Private Bank business in PWM, which uses a digital platform to extend the lending services customarily reserved for PWM clients to non-PWM clients
- GS Select expands lending into the large and growing independent advisor market; the investing needs of this market are already served by Goldman Sachs Asset Management through the Third Party Distribution (‘TPD’) business
- This program is a quick, simple and convenient way for investors to borrow up to $25 million against securities held in investment accounts at the firms that Goldman Sachs partners with for this lending program
- GS Select loans are offered through GS Bank USA
GS Select has established a strategic relationship with Fidelity Clearing & Custody Solutions, offering RIAs and broker-dealers that clear on Fidelity’s custody and trading platform the ability to provide loans to eligible clients.
Additional relationships with other third-party broker-dealers, asset custodians and RIAs are expected to be announced over the coming months; private wealth management businesses without bank affiliates are the primary institutions that GS Select aims to work with for this program.
More information on GS Select [PDF, 104KB]