高盛集团投资管理部门的联合主管TimothyO' Neill和Eric Lane在一份声明中说道，"Honest Dollar已经就复杂的退休储蓄难题创造出了一种简单的解决方案。"它还向自雇个人提供了进入Roth IRA或SEP IRA的途径。在最近一个季度购买额外的63090股后，Neuberger Berman Group LLC现在拥有2400710股投资管理公司的股票，价值4亿3268万1千美元。
Honest Dollar的首席执行官William Hurley表示："我们只有一个单一的目的：改革退休工业和帮助以前没有被很好服务的个体。"
Goldman is looking to grow its investment management division as regulatory pressures have crimped growth in traditional profit centres like trading.
The company estimates that there are 45 million people in the US who don't have access to an employer-sponsored retirement plan.
Honest Dollar enables employees of small- and medium-sized businesses, self-employed individuals and independent contractors to quickly begin saving and investing for retirement by establishing individual retirement account-based savings programs.
Co-heads of Goldman Sachs's investment-management division O'Neill and Lane said, "Honest Dollar has created a simple solution to a complex retirement savings problem". It also offers self-employed individuals access to either a Roth IRA or SEP IRA. Neuberger Berman Group LLC now owns 2,400,710 shares of the investment management company's stock valued at $432,681,000 after buying an additional 63,090 shares in the last quarter.
Companies like Honest Dollar are pairing Internet distribution and advances like computer-generated portfolios to push down the cost of saving for retirement.
The Institutional Client Services segment is involved in client execution activities related to making markets in interest rate products, credit products, mortgages, currencies, commodities, and equities; and provides securities services, such as financing, securities lending, and other prime brokerage services, as well as markets in and clears client transactions on primary stock, options, and futures exchanges.
"We set out with a singular focus: to revolutionize the retirement industry and reach individuals who historically have been underserved", said William Hurley (also known as whurley), CEO of Honest Dollar.
With the acquisition, Goldman will compete against companies such as Betterment, Ubiquity and Captain 401K. "We look forward to being part of Goldman Sachs as we drive innovation across this space together".
The acquisition was made by the investment management arm of Goldman Sachs, which invests $1 trillion for institutions and wealthy individuals. Terms of the deal, which was announced Monday and is expected to close in the second quarter, were not disclosed.