A Merrill Lynch team in Beverly Hills, California, has left to form Beverly Hills Private Wealth, a registered investment advisor (RIA). The newly created RIA will serve high-net-worth individuals and multigenerational families. Goldman Sachs will serve as the RIA's sole custodian, according to WealthManagement.com.
Scott Shagrin, managing director of Beverly Hills Private Wealth, shared that they were attracted to the prestige of Goldman Sachs' brand and its institutional-level trading and financial options. The team plans to utilize Goldman's access to alternative investments, structured products, securities-based lines of credit, and investment research.
Gaining the business from an RIA of this caliber is a step in the right direction for Goldman Sachs, which has been an active custody provider since it acquired Folio Financial in September 2020 and has onboarded new RIA teams beyond the legacy Folio clients, according to executives.
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