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:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.