Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs Though Still Highly Fragmented... RIA
Consolidation Underway
Need for Greater Scale will Support Consolidation Trend
Number of Firms¹
10,108
<$100
RIA Industry by Firm Size
2,815
$100-
$300
Consolidation Sweet Spot
819
665
$300-
$500-
$500
$1000
AUM Band ($mm)
414
104
$1000- >$3000
$3000
Source: De Voe & Company 2021 Fourth Quarter RIA Deal Book; RIA Channel as of 2021
¹ Excludes firms listed as having 0 AUM or having no data on AUM, as of 2020 year-end.
2 Calculated based on average AUM of sellers multiplied by number of deals.
Number of Transactions (Established RIAS)
Significant Increase in M&A Activity in Recent Years
AUM
Acquired
($bn)²
90
16
67
2017
-$90
7
101
11
82
2018
■ Other RIAS
-$95
18
131
22
106
2019
INVESTMENT BANKING
DIVISION
-$98
CONFIDENTIAL
3
159
42
2020
Banks Other (Incl. PE)
-$163
115
242
48
189
2021
-$268
30View entire presentation