Goldman Sachs Enters Trust Business

October 10, 2001 ( - Another financial services provider has entered the trust business, hoping to capitalize on the wealth management trends of Baby Boomers enriched by 401(k) rollovers and stock option compensation.

The latest entrant is Goldman Sachs, which has formed Goldman Sachs Trust Company, N.A.  The new entity will allow the investment management firm to extend its reach into the lucrative high-net worth market by offering trust and estate administration and related services.

The bank will also offer clients access to risk management services, as well as asset allocation products and access to alternative investments.

Last January discount brokerage Charles Schwab Corp purchased a significant presence in the market with its acquisition of US Trust Corp.