A new memo by Goldman Sachs has revealed how the bank plans to offer clients access to digital assets such as Bitcoin.
The bank affirmed that it was getting closer to providing crypto to its private wealth management (PWM) clients and that it had even named a new global head that is supposed to be in charge of managing the segments.
Goldman Sachs confirmed that Mary Rich had been promoted to the position of global head of the Digital Assets Group for private wealth management at the bank and that work with advisers in order to properly inform the clients with regards to digital assets and blockchain technology would commence soon.
Rich confirmed during an interview with CNBC that the bank was set on offering a “full-spectrum” of investments in bitcoin and digital assets, “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles.”
He also declared that “We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term.”
Goldman Sachs relaunched its crypto trading desk in March 2021 after it was put on hold for about three years. The plan is to support bitcoin futures trading.
The memo reveals that “Mary will leverage the firm’s capabilities to ensure we can best meet client interest across digital asset classes and technologies. As a firm, we believe in the possibility of blockchain technologies, and it is imperative that we continue to drive innovation and deliver solutions to our clients.”
The full memo is presented below:
“March 31, 2021
Mary Rich Named Global Head of the Digital Assets Group for PWM
We are pleased to announce that Mary Rich has been named global head of the Digital Assets Group for PWM.
In this newly-created role, she will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings and services. This new team will partner with the Firmwide Digital Assets Group, led globally by Mathew McDermott, and PWM Capital Markets, led globally by Sara Naison-Tarajano.
Consistent with client focus and commitment to a OneGS approach, Mary will leverage the firm’s capabilities to ensure we can best meet client interest across digital asset classes and technologies. As a firm, we believe in the possibility of blockchain technologies, and it is imperative that we continue to drive innovation and deliver solutions to our clients.
Mary will co-report into Mathew and Justin Tobe, head of the Cross Markets Team and Markets Coverage Group in the U.S.
Mary joined Goldman Sachs as an analyst in 2011 in the Investment Banking Division. In 2013, she joined the Investment Strategy Group where she covered non-U.S. developed equity markets on the tactical asset allocation team. She was named vice president in 2017. Mary is a member of the PWM Women’s Council and is an ESG Champion for the CWM Sustainable Solutions Council. She earned her bachelor of arts in economics from the University of Pennsylvania and a master of business administration from New York University. She is a member of the Bowery Mission Associate Board.
Please join us in congratulating Mary and wishing her success in her new role.
John Mallory
Meena Flynn
Sara Naison-Tarajano”
Source: Coindesk