HARLINGEN —Multinational investment bank Goldman Sachs is coming to the Rio Grande Valley.
Goldman Sachs Group Inc. has entered into an acquisition agreement to take over United Capital Financial Partners Inc. for $750 million subject to the usual regulatory approvals and conditions.
United Capital has a Harlingen office located at 305 E. Jackson Ave.
“We have a leading wealth management franchise, driven by our pre-eminent Private Wealth Management and Ayco offerings, which will serve as a cornerstone of our business as we execute on our long-term strategy to offer clients solutions across the wealth spectrum,” David M. Solomon, chairman and CEO of Goldman Sachs, said in a press release.
“United Capital will help accelerate this strategy by broadening our reach, allowing more clients to access the intellectual capital and investment capabilities of Goldman Sachs.”
The acquisition will expand Goldman Sachs’ wealth management business which has $500 billion of assets under supervision.
Goldman Sachs Private Wealth Management provides advice and investment solutions to high net worth individuals, families and endowments.
Ayco provides financial counseling and investment management services to corporate executives and employees.
As part of the transaction, Joe Duran, founder and CEO of United Capital, will join Goldman Sachs.
The firm also will add employees and advisors at United Capital offices across the United States.