Goldman Sachs is reportedly gearing up to offer automated investment management to its UK clients by the first quarter of next year.
The bank is also set to launch an app for the customers of its digital bank Marcus in the following weeks, according to an exclusive report by Reuters.
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Marcus UK head Des McDaid told the news agency that the bank has added more than $30bn in UK deposits since the roll out of a savings account in 2018. It is said to make up for 30% of Marcus’s deposits internationally.
McDaid told Reuters: “We are pivoting more into an investment and wealth provider rather than a full-service digital bank.
“We have been delighted with how fast and how quickly we have grown. The challenge now is how do we repeat the formula we used for savings to offer our customers an accessible platform for investing products.”
Goldman is said to be adjusting the focus of Marcus UK to wealth management in order to stay within the UK banking rules that require retail deposits totalling over $35bn to be ring-fenced.
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By GlobalDataRing-fencing would need Marcus UK to become a separate legal entity and limit the size of the capital that can be shared with Goldman’s other business in the country.
Marcus was launched by Goldman in the US in 2016 to expand its revenue and funding sources by providing savings accounts and personal loans to retail customers.
It currently offers a range of service including, checking accounts and a credit card with Apple.
Goldman, which also launched robo-adviser service called Marcus Invest in the US, is now looking to expand its US offerings to the UK market.
McDaid told Reuters: “We are building on the US platform but making the back end and regulatory changes that are required to make it work.
“Our opportunity is strong, we start with a strong investment base of existing savers looking for an opportunity to do more with their money.”
According to McDaid, UK consumers will be able to log in to their Marcus accounts via an app on iOS devices later this month and Android next month.
