Goldman Sachs aims to offer bitcoin and other crypto investment vehicles to private wealth management clients in the second quarter, The Block has learned.
CNBC reported news first, citing Goldman’s Mary Rich, who was recently appointed global head of digital assets for the bank’s private wealth management division. Rich’s promotion was announced Wednesday in an internal memo seen by The Block.
âIn this newly created role, she will work closely with advisors to educate clients on blockchain technology and the digital asset ecosystem, and seek to provide content, investment offerings and services,â reads. we in the note.
Crypto offerings could be made through “physical bitcoin, derivatives, or traditional investment vehicles,” Rich told CNBC.
âThere is a contingent of clients who view this asset as a hedge against inflation, and the macroeconomic backdrop of the past year certainly played a role in that,â Rich said. “There are also a large number of clients who feel like they are on the cusp of a new internet in some ways and are looking for ways to participate in this space.”
Rich will work with Goldman’s head of digital assets, Mathew McDermott, and world leader in PWM capital markets, Sara Naison-Tarajano, according to the note.
Goldman’s rival Morgan Stanley is also expected to offer its private wealth management clients access to bitcoin and crypto funds through NYDIG or Galaxy Digital, as The Block reported earlier this month.
Update: This story has been updated to include confirmation of the news by The Block.