Goldman Sachs to Offer Bitcoin to Wealth Management Clients

Investment bank Goldman Sachs has confirmed it is close to offering crypto to its private wealth management (PWM) clients and has appointed a new global head to manage the segments.

In an internal announcement shared with CoinDesk, Goldman Sachs said Mary Rich has been promoted to global head of the Digital Assets Group for private wealth management at the bank and will work with advisers to educate clients about the digital assets and blockchain technology.

In an interview with CNBC, Rich said the bank is offering a “full spectrum” of investments in bitcoin and digital assets, “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles.”

″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,” Rich told CNBC.

Earlier this month, Goldman Sachs relaunched its cryptocurrency trading desk after a three-year hiatus, with plans to once again support bitcoin futures trading.

Read more: Goldman Sachs Relaunching Crypto Trading Desk After 3-Year Pause

“Mary will leverage the firm’s capabilities to ensure we can best meet client interest across digital asset classes and technologies,” according to the memo. “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.”

Read the full memo below:

March 31, 2021Mary Rich Named Global Head of the Digital Assets Group for PWMWe 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 MalloryMeena FlynnSara Naison-Tarajano