NEW YORK The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has further expanded its capabilities for its high net worth private clients by opening for business The Goldman Sachs Trust Company, N.A., a national bank limited to fiduciary services. The Trust Company will provide world-class, high-touch trust and estate administration and related services as a significant addition to the firm’s existing wealth management platform.
“Opening our trust company further emphasizes the strategic importance of our private client business and our commitment in challenging times to create and provide the top notch services that our clients need,” said David Henle, Managing Director and Global Head of Private Wealth Management at Goldman Sachs. “We have always been in the business of managing money for high net worth families, and we grow and evolve with our clients. Now we will be able to include the fiduciary capabilities that our clients have been increasingly seeking for themselves and the next generations of their families.”
The Trust Company enables Goldman Sachs to integrate fiduciary responsibility and administration into its existing wealth management capabilities for its high net worth clients. The firm’s Private Wealth Management group offers clients: established portfolio management for individual and fiduciary accounts, alternative investments, highly sophisticated asset allocation, complex single stock risk management for concentrated portfolios, open architecture and cutting edge wealth transfer and structuring advice.
“We are providing sophisticated advice integrated with the ability to implement it intelligently and reliably over time and across generations,” said Daniel M. FitzPatrick, President and CEO of The Goldman Sachs Trust Company, N.A. “Being selected as someone’s trustee or executor is the ultimate expression of confidence and strength in a relationship. This role is a natural fit for Goldman because the qualities people look for in a fiduciary are exactly those that characterize our firm - most importantly, our dedication to putting our clients’ interests first.”
The Goldman Sachs Trust Company, N.A., a limited purpose national bank, serves as the vehicle for providing personal trust and estate administration and related services to high net worth individuals and families. The Trust Company is headquartered in New York and maintains a trust office in Wilmington, Delaware. Having opened for business in October 2001, the Trust Company is in a position to offer and service a wide range of trust structures that incorporate and utilize successful investment management products and techniques developed and currently in use by Goldman Sachs for the benefit of its individual and institutional clients.
Goldman Sachs is a leading global investment banking and securities firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
The Goldman Sachs Trust Company, N.A. (Trust Company) is an affiliate of The Goldman Sachs Group, Inc. and Goldman, Sachs & Co. Securities in an account at the Trust Company (1) are not insured by the FDIC or any other bank regulator, (2) are not deposits or other obligations of, or guaranteed by, the Trust Company or Goldman Sachs or any of its affiliates, and (3) involve investment risks, including possible loss of the principal amount invested. The Trust Company is not a member of SIPC or the FDIC.
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