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.
