Investment banking giant Goldman Sachs has formed a new unit called Sustainable Finance Group to tap into increasing opportunities to provide sustainability and impact investing expertise to its clients across a range of growth themes.
Focus of the Goldman Sachs Sustainable Finance Group
The Sustainable Finance Group will focus on partnering with Goldman Sachs’ businesses to better serve its clients, bring in innovation and seize emerging opportunities. The investment banking major indicated that sustainable growth is becoming a top priority for investors, institutions and companies across the world.
The new sustainable finance unit will be headed by John Goldstein, who co-founded Imprint Capital, a sustainable investing company that was acquired in 2015 by Goldman Sachs Asset Management.
The banking giant said that within the new group, Kyung-Ah Park will continue to handle its environmental markets work and also bring in innovative finance. The chief operating officer of the group will be Kara Succoso Mangone, who is expected to use her experience of engaging with the company’s global investor base.
Goldman Sachs said that the efforts of the Sustainable Finance Group in providing sustainable growth solutions for its clients will be guided and supported by a cross-divisional steering group made up of senior business leaders who are engaged already with the bank’s clients on the opportunities.
The steering group will help in effective coordination and bring in various initiatives to offer clients comprehensive sustainability expertise in the areas of financing, advisory, risk management, investing, and asset management.
In the new few months, Goldman Sachs expects to come up with specific goals and objectives for its work in the sustainable finance area.
The investment bank said that its focus on identifying and carrying out key sustainable growth opportunities will also further consolidate its existing efforts via Launch With GS, the Urban Investment Group, 10,000 Women and 10,000 Small Businesses, and also its own internal operational sustainability initiatives.
Recently, Goldman Sachs signed a deal to acquire United Capital Financial Partners, a US-based boutique wealth management company, for $750m (£601m) in an all-cash deal.
