Goldman Sachs stated Monday that it agreed to sell its private monetary administration unit to a competitor named Inventive Planning.

The transaction is predicted to shut within the fourth quarter of this 12 months and “end in a acquire” for New York-based Goldman. The financial institution declined to reveal the sale worth for its PFM enterprise.

Goldman acquired a staff of about 220 monetary advisors managing $25 billion in belongings in Could 2019, when it announced the $750 million acquisition of United Capital Monetary Companions. On the time, CEO David Solomon heralded the deal as a approach to broaden Goldman’s attain past the ultra-rich clientele that’s its predominant power to those that are merely rich, with maybe a couple of million {dollars} to speculate.

However amid Solomon’s push to unload or shutter a number of companies tied to his ill-fated retail banking plan, the PFM enterprise was deemed too small within the context of Goldman’s bigger aspirations in wealth and asset administration. Goldman stated in February that it solely had about 1% of the high-net price market, or those that have between $1 million and $10 million to speculate.

“This transaction is progress towards executing the objectives and targets we outlined at our investor day in February,” Marc Nachmann, world head of asset and wealth administration at Goldman, stated Monday in an announcement.

The sale “permits us to give attention to the execution of our premier ultra-high web price wealth administration and office development technique” whereas persevering with to assist excessive web price purchasers by means of a strategic partnership with Inventive Planning, he stated.

Inventive Planning is a Kansas-based registered funding advisor with greater than 2,100 workers and $245 billion in belongings beneath administration and advisement.