Goldman had been working with Nutmeg, a UK based online wealth manager, to launch a product ahead of the UK's “Isa season” this spring. The move would have brought Goldman into the UK retail investment market for the first time. Now it looks like that plan is “on hold”.
Eric Lane, head of consumer and wealth management, told investors at the event that Goldman plans to build an “integrated consumer platform” including “Marcus-branded wealth capabilities” which the bank will add later this year. In the US, the offering is likely to be developed by United Capital, the US wealth management firm which Goldman bought last year and which is working on a robo advisory service for people with as little as $5,000 to invest.