Goldman Sachs Group is paying its top executives vast sums in a war for talent on Wall Street. It hopes that money doesn’t stray far.
As Goldman has made strides this year catering to family offices — the investment firms of the ultra-rich — it’s also been building one internally with a powerful and captive clientele.
It’s called the Goldman Sachs Partner Family Office and it offers current and former partners and managing directors the same suite of wealth management services provided to clients.
Lisa Opoku, 50, who most recently was chief operating officer for the bank’s engineering division, will assume the newly created role of head of the family office, according to a memo obtained by Bloomberg.
A Harvard Law School graduate and former practicing attorney, Opoku has been at the bank for almost two decades and has served as COO of divisions including securities and fixed income, currency and commodities in Hong Kong, London and New York.
A spokesperson for the bank confirmed the memo’s contents and declined to comment further.
Goldman Sachs has long managed money on behalf of its executives, but with Opoku’s appointment and a retooled name the bank is breathing new life into a group responsible for maintaining ties with one of finance’s most elite circles.
Goldman partners have gone on to serve in some of the highest roles in business and policy: U.S. treasury secretary, state governor, billionaire hedge fund manager and regional Federal Reserve bank president, to name a few. They’ve amassed substantial collective wealth, whether in those roles or during their time among Goldman’s top ranks.
Compensation for some of the bank’s top performers in 2021 is expected to exceed $30 million, indicative of a bumper year driven by surging markets, a battle for talent and abundant deals. CEO David Solomon’s pay soared to $35 million, double his 2020 payout.
Opoku will oversee groups of advisers that work with different segments of Goldman executives and alums, spearheading an effort to serve clients “more holistically,” according to the memo.
The intent goes beyond engendering loyalty with influential people. For example, many former partners serve on boards of large companies that have banking needs Goldman could potentially fulfill, or run hedge funds seeking deal flow.
Wealth management has become an increasingly important area for Goldman in recent years as the bank seeks to capture a bigger slice of a market that’s growing thanks to surging asset prices.
— With assistance from Sridhar Natarajan.
