Goldman Sachs Expands Wealth Business with Anthropic IPO Bid

Goldman Sachs (GS) is expanding its wealth and tech footprint in several key areas. One significant development is the bank's bid to handle the distribution of Anthropic IPO proceeds, a move that pits it against Bank of America. This comes as Anthropic gears up for its public offering, which will generate millions of dollars that need to be managed.

The news marks another milestone in Goldman Sachs' efforts to grow its wealth business. The bank has been named sub-advisor for IG Wealth's core retail Strategic Wealth Portfolios, allowing it to oversee client portfolios using its open-architecture platform and multi-manager setup.

In a further sign of its expansion plans, Goldman Sachs has opened an engineering office in Bellevue, Washington, with over 125 staff focused on AI and cloud modernization. This move is aimed at supporting the firm's banking tech upgrades, leveraging talent from local Microsoft and Amazon.

Meanwhile, Sharmin Mossavar-Rahmani, head of Investment Strategy Group and Wealth Management CIO, will retire later this year after nearly 30 years at Goldman Sachs.