Goldman Sachs Group plans to expand its private wealth management team in Australia to capitalize on the surge of self-made millionaires and family wealth seeking global investment opportunities.
"We absolutely want to expand," said Jean-Paul Churchouse, the firm's head of private wealth management for Southeast Asia and Australia, in an interview. "We are hiring, but the key is finding the right talent, not hitting a specific target."
Goldman Sachs currently employs approximately 13 staff members in Sydney and Melbourne, including eight advisors, targeting ultra-high-net-worth clients with at least 100 million Australian dollars ($65 million) in investable assets. The team was established about four years ago.
The Wall Street bank offers Australian investors access to its global network of investment bankers and staff with connections to hard-to-reach private deals.
Goldman Sachs' expansion drive is underpinned by years of wealth accumulation from family fortunes built in sectors such as technology. A Deloitte survey last year showed that the number of family offices in the Asia-Pacific region has surpassed that of Europe, with growth expected to outpace North America by the end of the 2020s.
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