2022worldcupqualifiersasia| Goldman Sachs sells voluntary investment business for the public to Betterment

Goldman Sachs will be closed to the public after a deal with Betterment2022worldcupqualifiersasiaAutomatic investment business.

The bank has reached an agreement to transfer clients and assets from its Marcus Invest business to Betterment, a $45 billion digital investment consultancy. The transfer is expected to be completed by the end of the quarter.

"this acquisition further strengthens our leading position in digital investment," Betterment CEO Sarah Levy said in an emailed statement. Since Levy took over as chief executive at the end of 2020, the company's assets have roughly doubled. "We are pleased to welcome these customers to Betterment."

While the transaction price is expected to have little impact, it is another part of a consumer empire that Goldman once dreamed of building but is now shrinking. The New York-based company had previously launched a smart customer service product, which is different from the more popular Marcus savings account product and is part of a "more comprehensive consumer banking product supply".

As part of the deal, Goldman clients can choose not to transfer assets to Betterment. The deal does not involve the acquisition of any of Goldman's technology or employees.