Goldman Sachs Group is planning to expand its private wealth management team in Australia, reported Bloomberg.  

The expansion aims to serve self-made multimillionaires and families seeking to diversify their investments on a global scale. 

Currently, Goldman Sachs has a team of approximately 13 individuals, including eight advisers, operating out of Sydney and Melbourne, the report said. 

This team is focused on providing services to ultra-wealthy clients, each with investable assets of at least A$100m ($65m). 

In an interview, Goldman private wealth management head for Southeast Asia and Australia Jean-Paul Churchouse said: “We are absolutely looking to grow. 

“We are looking to hire, but it’s really about finding the right people rather than hitting a target.” 

Goldman Sachs’ private wealth division was established four years ago and was the sole new private wealth team in the Asia-Pacific region at that time.  

The bank has expressed that this initiative is in its initial phase, with further growth anticipated. 

Goldman Sachs is offering Australian investors a gateway to the firm’s  

global network of investment bankers and exclusive access to private deals.  

Churchouse stated: “We’ve seen huge growth in family offices. Once families generate meaningful wealth, they’re looking for professionals to manage that for them. 

“They are very aware that they need to be thinking about investing from a global perspective, not just in Australia, and we really cater to that need.” 

Goldman Sachs’ offerings for this segment include the management of complex family office portfolios, facilitating entry into specialist asset classes like private equity, and providing expert connections.  

The wall street bank also hosts client events, such as conferences and seminars, covering topics from philanthropy to climate change. 

He further added: “Ultra-high-net-worth businesses take a really long time to grow because developing the relationships take so long. But we are very confident the business is going to continue to grow meaningfully and we will invest in it.” 

In terms of client servicing, the bank expects to align the number of clients per adviser with its international standard, which typically ranges between 20 and 25 clients per adviser. 

Recently, a Bloomberg report disclosed that Erich Bluhm is departing from Goldman Sachs Group, concluding a three-decade career in the financial sector.  

Bluhm, who has played a significant role in the bank’s equity capital markets coverage for financial institutions in the Americas, is leaving due to personal reasons and does not intend to pursue another role in banking. 

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