Goldman Sachs Group wants to expand its private wealth operations in Australia, targeting families with at least A$100 million sitting in investable assets - the ultra-high-net-worth elite who've made serious money and want serious returns.
The bank currently runs a lean operation - just 13 people across Sydney and Melbourne, with eight advisers handling the heavy lifting.
"We are absolutely looking to grow," Jean-Paul Churchouse, Goldman's head of private wealth management for Southeast Asia and Australia, told Bloomberg.
"We are looking to hire, but it's really about finding the right people rather than hitting a target."
Wealth explosion
Aussie tech giants such as Canva and Atlassian have minted a new generation of entrepreneurs like Mike Cannon-Brookes, while mining sector heavyweight Gina Rinehart and Andrew Forrest continue to trickle down their wealth by virtue of their exponential growth.
Goldman spotted this trend four years ago - that's when it established its Australian private wealth division. It was the only new private wealth team launched in the entire Asia-Pacific region during that period.
"We've seen huge growth in family offices," Churchouse said. "Once families generate meaningful wealth, they're looking for professionals to manage that for them."
These families want global exposure, complex portfolio management and access to specialist asset classes like private equity.
Why Goldman thinks it can win
The bank's pitch is simple but powerful - direct access to Goldman's global investment banking network.
Exclusive private deals that competitors like UBS Group and local players such as LGT Crestone simply can't match.
Goldman's playbook includes white-glove family office portfolio management - curated client events covering everything from philanthropy to climate change.
But Churchouse isn't naive about the timeline: "Ultra-high-net-worth businesses take a really long time to grow because developing the relationships take so long".
The bank expects to scale its client-to-adviser ratios to international standards - that's 20 to 25 clients per adviser - at a minimum $100 million per client.
