Goldman Sachs unveils Marcus Invest robo-adviser in consumer push

By Anna Irrera and Noor Zainab Hussain (Reuters) - Goldman Sachs Group Inc is launching an automated wealth-management platform to invest customer funds across managed portfolios made up of exchange trade funds for stocks and bonds, the bank said on Tuesday. Consumers can open an account with Marcus Invest with a minimum of $1,000 and will be charged an annual fee of 0.35%, the bank said.

Reuters February 17, 2021 00:06:22 IST
Goldman Sachs unveils Marcus Invest robo-adviser in consumer push

Goldman Sachs unveils Marcus Invest roboadviser in consumer push

By Anna Irrera and Noor Zainab Hussain

(Reuters) - Goldman Sachs Group Inc is launching an automated wealth-management platform to invest customer funds across managed portfolios made up of exchange trade funds for stocks and bonds, the bank said on Tuesday.

Consumers can open an account with Marcus Invest with a minimum of $1,000 and will be charged an annual fee of 0.35%, the bank said.

Goldman's robo-adviser will allocate and rebalance customers' wealth based on models developed by the bank's investment-strategy group, which has traditionally catered to institutions and the ultra-rich.

The move is the latest digital banking push by the Wall Street bank in line with Chief Executive David Solomon's plan to reduce Goldman's reliance on volatile trading and investment banking revenue by shifting focus towards Marcus, its consumer banking unit.

The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. Goldman has an existing Marcus consumer-banking app.

Marcus Invest offers individual and joint investment accounts, as well as three types of individual retirement accounts, the bank said.

Similar to other robo-advisers the bank will evaluate a customer's risk tolerance and investment timeline and recommend a conservative, moderate or growth portfolio.

Customers will be able to customise their investments by selecting one of three investment strategies including one that tracks market benchmarks while supporting sustainable business practices, the bank said.

(Reporting by Noor Zainab Hussain in Bengaluru and Anna Irrera in London; Editing by Sherry Jacob-Phillips and Edmund Blair)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Thyssenkrupp ends talks with UK's Liberty on steel unit sale
Business

Thyssenkrupp ends talks with UK's Liberty on steel unit sale

By Christoph Steitz, Tom Käckenhoff and Arno Schuetze FRANKFURT (Reuters) - German conglomerate Thyssenkrupp ended talks to sell its steel division to Britain's Liberty Steel due to differences over value, the latest setback in efforts to consolidate the European sector. Liberty Steel, led by commodities tycoon Sanjeev Gupta, last month submitted a firmed-up non-binding bid for Thyssenkrupp's steel unit, Europe's second biggest in terms of sales, which sources said included commitments to protect jobs and sites.

Factbox: Stonks in Washington: Deciphering Reddit's WallStreetBets lingo
Business

Factbox: Stonks in Washington: Deciphering Reddit's WallStreetBets lingo

(Reuters) - Reddit trading lingo may filter in to Washington on Thursday when top hedge fund managers, the head of Robinhood and Roaring Kitty himself are set to give testimony before U.S. House of Representatives lawmakers.

Brent gives up gains after rising above $65 on Texas freeze
Business

Brent gives up gains after rising above $65 on Texas freeze

By Stephanie Kelly NEW YORK (Reuters) - Oil prices steadied on Thursday, with Brent edging back from a 13-month high, after a sharp drop in U.S. crude inventories supported prices, while buying spurred by a cold snap in the largest U.S. energy-producing state petered out.