Goldman Sachs Reportedly Mulls Relocating Asset Arm From NYC

Tom Burroughes

7 December 2020

Goldman Sachs is considering basing its asset management arm in Florida or other parts of the US, a move that would be seen as a blow to New York, according to a report.

The success that firms have had in working remotely, overcoming the pandemic to work via digital channels, has also encouraged the Wall Street firm to consider putting some of its operations in other parts of the US, according to Bloomberg.

The firm may decide against centering asset management in Florida, where it would join other firms that have shifted important business there, such as Dynasty Financial Partners. The news service quoted unnamed sources as saying it may move to a city such as Dallas in Texas.

The news agency said that Manhattan has the most vacant office space since the aftermath of the September 11 attacks.

If the asset management arm does relocate to Florida, it is unclear how many people will actually move there. In recent years the firm has gradually expanded in cities such as Dallas and Salt Lake City.

The report quoted a spokesperson as saying: “We are executing on the strategy of locating more jobs in high-value locations throughout the US, but we have no specific plans to announce at this time.”

This news service has recently explored the wealth management activity in areas such as Dallas/Fort Worth and the Seattle area of the Pacific Northwest.