The New York Post reported Thursday that another senior executive at Goldman Sachs Asset & Wealth Management was considering heading to the exit, with Laurence Stein, executive vice president and chief operating officer of the group, the next potentially to go.
The Post's reporting about Stein comes after months of executives leaving the group, which Goldman Sachs Group Inc. routinely touts, along with its nascent registered investment advisor custody group, as one of its two main arms to reach financial advisors, who sell Goldman's actively managed funds.
This week, Goldman chopped off the third arm of its financial advisor outreach when it exited the business of housing financial advisors directly under its roof and sold Personal Financial Management, formerly United Capital Financial Partners, the RIA it bought in 2019, to Creative Planning, a leading RIA with $245 billion in client assets.
“If Stein exits, he would be following in the footsteps of Julian Salisbury, [Asset & Wealth Management's] former chief investment officer; Luke Sarsfield, former chief commercial officer; and Mike Koester, former co-president of alternatives,” according to the Post.
The Post reported that Marc Nachmann, a banker who was named global head of the Asset & Wealth Management division by Goldman CEO David Solomon last October, has seen a string of top executives leave under his tenure. It's common in the financial advice and wealth management industries for a shakeup to occur among senior executives when a new leader of a group or division is named.
On Friday morning, Goldman neither confirmed or denied the Post's report about Stein.
“Marc has been working with our broader leadership team to develop the strategy and bring partners together to lead and execute,” Stein wrote in an email to InvestmentNews.
"The partners in the business fully support our strategy and are fully engaged with it," a Goldman spokesperson added. "Marc has been leading this effort, including recruiting and retaining exceptional talent."
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