Goldman Sachs Investment Management Division Completes Acquisition of Honest Dollar
NEW YORK, NY May 23, 2016 – The Investment Management Division (IMD) of Goldman Sachs today announced that it has successfully completed the acquisition of Honest Dollar, a web and mobile-based retirement savings platform, as part of an effort to serve the approximately 45 million Americans who do not have access to employer-sponsored retirement plans, including the growing number of 1099 workers that make up the “gig economy”.
Honest Dollar enables employees of small- and medium-sized businesses, self-employed individuals and independent contractors to quickly begin saving and investing for retirement by establishing individual retirement account (IRA)-based savings programs.
Additionally, Greg Wilson will join William Hurley, the current CEO of Honest Dollar, as co-head of the business. Most recently, Greg was head of the Sub-Advisory & Platform Solutions Group for North America in Goldman Sachs Asset Management.
“As technology is transforming the economy, it is also transforming the nature of the workforce. More Americans are flocking to jobs where technology is enabling alternative work arrangements,” said Hurley. “Portability of retirement savings is now nearly as important as affordability; we have found a way to address both needs at Honest Dollar.”
Honest Dollar will maintain its presence in Austin, Texas.
“Technology helps individuals manage their investments and save for retirement but is most effective when done at scale,” said Wilson. “Goldman Sachs and Honest Dollar are a powerful team to provide innovative solutions to help millions of people save for retirement with confidence and the tools necessary to achieve their investing goals.”
About Goldman Sachs’ Investment Management Division
Goldman Sachs’ Investment Management Division, comprised of Goldman Sachs Asset Management (GSAM) and Private Wealth Management (PWM), provides asset management and wealth management solutions to world-class institutions and individual investors globally.
About Honest Dollar
Honest Dollar develops retirement products for underserved audiences that work for everyone: employee, employer and the economy. Honest Dollar’s mission is to remove potential barriers that keep these underserved audiences from establishing and maintaining retirement accounts. By focusing on IRA-based programs rather than 401(k)s, Honest Dollar offers retirement solutions that work for employees, self-employed individuals and independent contractors.
Tel: +1 212 357 0005
Mark LaVoie (Prosek)
Tel: +1 212 279 3155 (x233)