May 14, 2020 / 4:40 PM / 19 days ago

Goldman Sachs to buy boutique wealth management custodian Folio

FILE PHOTO: FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Goldman Sachs Group Inc plans to buy the boutique wealth management custodian and technology firm Folio Financial Inc, according to a letter Folio sent to customers on Thursday that was viewed by Reuters.

This would be the second wealth management firm Goldman has acquired in two years, after the 2019 acquisition of United Capital.

A Goldman Sachs spokesman confirmed plans for the acquisition and the contents of the letter, but declined to comment on the price of the deal.

Reporting By Elizabeth Dilts Marshall, Editing by Franklin Paul

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