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Industry Spotlight > RIAs

Goldman Scores Another Custodial Win With $2B RIA

By Jeff Berman

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Goldman Sachs Advisor Solutions has picked up another custodial client, announcing Monday that the registered investment advisor Burney Co. will add GSAS as a custody provider.

The RIA has $2.4 billion in assets under management.

The firm, founded in 1974 and based in Reston, Virginia, is adding GSAS’ custody service, boosting Burney’s access to alternative investments through Goldman’s alternatives platform and personalized service model, the companies said in a joint announcement.

Burney is the third firm in five weeks to announce that it was signing with GSAS.

Late last month, Creative Planning announced a new multibillion-dollar strategic custody relationship with GSAS that would give the Overland Park, Kansas-based RIA access to capabilities that include digitized middle and back office for alternative investments, an electronic lending platform, advanced analytics and product offerings from across Goldman Sachs, the firms said.

GSAS didn’t specify how many firms are now using GSAS as a custodian or the asset level on the GSAS platform as of Monday.

After announcing the deal with Creative Planning, a GSAS spokesperson said: “We do not comment about assets custodied by specific business lines; however, our client assets are significant across the different wealth segments.”

The spokesperson added: “The Goldman Sachs Advisor Solutions custody platform is a strategic focus area for Goldman Sachs, and we continue to invest resources into the growth of the business supporting independent advisors.”

Said Burney chairman and president Lowell Pratt Jr. in a statement on Monday: “Goldman Sachs provides us with the access and resources to differentiate our client experience to support sophisticated client needs. Our relationship with Goldman will continue our 50-year legacy of delivering excellence to our clients.”

The GSAS alternatives platform will enable Burney advisors to “access sophisticated solutions that extend beyond the traditional 60/40 model,” Adam Newman, Burney managing partner, said in a statement. “By using GSAS’ platform to execute a cost-efficient alternatives strategy, we’re better able to serve the financial objectives of our clients’ unique needs.”

Goldman Sachs building. Photo: Bloomberg

Jeff Berman

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