Goldman Sachs takes stake in The Private Office

Goldman Sachs Alternatives is to invest in Chartered Financial Planning firm The Private Office, becoming a minority shareholder.

The deal remains subject to regulatory approval.

The Private Office’s management team, led by CEO Stuart Phillips, have also pledged significant reinvestment in the business.

The advice firm said the investment will help support its growth plans.

Stuart Phillips, CEO of The Private Office, said it has plans to continue to keep its employee ownership models whilst building ‘the UK’s leading organically grown Chartered Financial planning firm’.

Moritz Jobke, head of hybrid capital for EMEA at Goldman Sachs Alternatives, added that it hopes to bring ‘the resources of the Goldman Sach platform to support the further development’ of The Private Office.

Founded in Leeds in 2008, The Private Office is one of the largest independently owned Chartered financial advice firms in the UK. It has 181 staff, including 53 advisers. All of the advisers are shareholders in the business.

It manages over £3bn in client funds on behalf of over 5,000 individuals, businesses, charities and trusts from offices in London, Leeds and Bath.

The firm has grown primarily organically but has made two advice firm acquisitions in recent years.

In 2019 it acquired the wealth management division of SRLV Accountants, SRLV Financial LLP, in Mayfair, in a cash buy. It also acquired QR Financial Planning in 2016, which had 23 staff, including 11 advisers and four directors, and £250m funds under management, in a cash and equity deal.

Goldman Sachs Alternatives is part of Goldman Sachs Asset Management and holds $625bn in assets. Goldman has previously looked into taking stakes in advice-focused firms, having previously been rumoured as one of several potential buyers for platform Nucleus.