Goldman unveils Blackstone-like investments group

Goldman Sachs has unveiled a Blackstone-like alternative investments group, previewing a key element of the strategic plan to be presented at the company's much-anticipated investor day next month.

In a memo to staff this week, David Solomon, Goldman's chief executive, and his two top lieutenants described the Alternatives Capital Markets and Strategy Group as a "unique opportunity" to attract more funds from outside investors.

The alternatives platform will cover everything from the private-equity, infrastructure and debt investments offered by Goldman’s merchant bank to the partnerships, co-investments and funds offered through Goldman’s investment management arm.

Attracting more third-party funds has been a key aim of Mr Solomon and his lieutenants, who have spoken about creating an investment business like Blackstone, perhaps the world's most powerful alternative money manager.

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Goldman executives hope that boosting its investing division will help lift its share price, now languishing near post-crisis lows on a price-to-book value basis. – Copyright The Financial Times Limited 2019