Goldman Sachs to Buy Wealth Management Custodian Folio

Goldman Sachs Group Inc plans to buy a boutique wealth management custodian and technology company called Folio Financial Inc for an undisclosed amount of money, according to a story in Reuters news. Folio would be the second wealth management company Goldman has acquired in two years, following United Capital in 2019. Based in McLean, Virginia, Folio has roughly 160 employees and $11 billion in assets under custody for registered investment advisers.