Goldman Sachs sells Marcus Invest’s digital investing accounts to Betterment
Goldman Sachs is preparing to step back from its digital investment advisory unit Marcus Invest after agreeing to sell its digital investing accounts to robo-advisor Betterment.
Goldman Sachs sells Marcus Invest accounts to Betterment
As part of the agreement, the unit’s digital investment accounts and assets under management are to be transferred to Betterment, with the move scheduled for completion around 29 June.
Launched in October 2016, Marcus functions as Goldman Sachs’ digital consumer banking and lending platform with an offering including deposits, credit cards and savings accounts.
The platform has operated as part of Goldman Sachs’ asset and wealth management division since 2022, as part of the bank’s ongoing attempt to transition its remit away from retail banking.
Marcos Rosenberg, global head of Goldman Sachs Marcus, explains that the sale of the unit’s investment accounts to Betterment follows its decision to “transition away from our digital investment advisor offering”.
Rosenberg adds that the bank’s focus will now be further concentrated on the Marcus Deposits platform, which serves over three million customers globally and holds over $100 billion in consumer deposits.
Currently serving more than 850,000 customers with $45 billion in assets under management, Betterment will offer transitioned account holders access to automated investing, tax and planning tools alongside a range of different account types with a variety of portfolio diversification opportunities.
The financial terms of the deal have not been disclosed.
