Goldman Sachs is starting an internal family office to cater to its wealthy senior executives. Dubbed Goldman Sachs Partner Family Office will provide wealth management services to its former partners and managing directors.
According to a memo released by the new agency, the bank has chosen the COO of its engineering division Lisa Opoku to manage the internal family business. Opoku has been with Goldman for more than twenty years and has served various roles, such as the COO of securities and fixed income, currency and commodities, in London, Hong Kong, and New York.
Opoku’s aim is to serve clients ‘more holistically’, and manage different adviser groups that work in segments of Goldman executives. While a spokesperson at Goldman Sachs confirmed the contents of the memo, they did not comment.
The start of the family office comes at a time when the bank is paying huge sums in a bid to retain employees amidst the competition for talent among Wall Street firms.
Goldman Sachs CEO David Solomon salary doubled to $35 million by 2021, while the pay for the bank’s top performers is said to go up by over $30 million. Furthermore, many of the partners at Goldman Sachs are said to hold high positions and earn lucrative pays.
‘Goldman Sachs builds family office to serve senior employees‘- Private Banker International
