Goldman Sachs is reportedly considering a partial sale of its wealth management business, as the American investment bank and financial services company refocuses on catering to the ultra-rich rather than the high-net-worth clients in mass markets.

The company is assessing alternatives for its registered investment adviser (RIA) business, dubbed Personal Financial Management (PFM), according to multiple media reports. The unit supervises approximately $29bn in assets.

The RIA unit evolved from United Capital Financial Partners, a California-based investment adviser that Goldman Sachs acquired for $750m in 2019. United Capital at that time had $25bn of assets under management.

Its acquisition was expected to improve Goldman Sachs’ ability to cover a wide range of clients in its financial counseling unit Ayco’s corporate client base with financial planning solutions through an advisor-led and tech-enabled platform.

The latest shift in Goldman Sachs’ strategy follows CEO David Solomon’s reorganisation of the firm into three segments in 2022 and scaling back of goals for its consumer business, which, in the last three years, lost $3bn, reported Reuters.

Goldman Sachs is also proceeding with the sale of GreenSky, a financial technology business, which was acquired by the former in March 2022.

Besides, the American investment bank has sold the bulk of its unsecured consumer loans after it discontinued that type of lending last year.

Separately, funds advised by Goldman Sachs Asset Management have agreed to make a major investment in World Insurance Associates, an American insurance brokerage.

In February 2023, Goldman Sachs Asset Management announced the final close of its growth equity fund, West Street Global Growth Partners I, at $5.2bn.

The growth equity fund is the first direct private markets fund from the investment manager. It focuses on high-growth companies with solid market positioning, high rates of growth, and business models that are durable.