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Goldman ditches robo-investing for masses in sale to Betterment

The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45b digital investment-advisory firm. While the deal price is expected to be immaterial, it’s another piece of the consumer empire Goldman once dreamed of that the bank is now scaling back.

 


 

“This acquisition further cements our leadership in the digital investing space,” Betterment Chief Executive Officer Sarah Levy said in an emailed statement. The firm’s assets have roughly doubled since Levy took over as CEO at the end of 2020. “We are excited to welcome these customers to Betterment.”

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wealth management