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Goldman to Sell Duran’s Unit

Buyer is Creative Planning

Goldman Sachs is selling a unit it purchased for $750 million from Newport Beach founder Joe Duran.

The buyer will be Creative Planning LLC; the deal is expected to close in the fourth quarter and result in a gain. Creative Planning has more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory.

Duran began United Capital Financial Planners in 2005 and built it to $25 billion in assets before selling it in 2019 to Goldman Sachs, which was using it to target people with around $10 million in wealth.

Duran’s LinkedIn page said he left Goldman Sachs in May. According to Citywire, Duran is pursuing a capital raise for a new business venture that will take minority stakes in registered investment advisories.

Goldman Sachs said it will return to focus on servicing the super rich.

 

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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