The firm said after a second wave of transitions in the first quarter of this year, it will retain 65 to 70 percent, or $70 to $75 billion, of National Planning Holdings’ assets.
The changes, including a pullback from recruiting veteran advisors, the traditional source of new client money, impacted fourth-quarter results as both brokers and customers left the bank, the bank said.
The firm’s investment management division, which houses Goldman Sachs Asset Management and Private Wealth Management, saw assets under supervision, increase by $115 billion, or 8%
Global markets, hit by a 13 per cent drop in fixed income, currencies and commodities revenues, was its only division to sustain a decline in the fourth quarter.
The firm's cash distribution per unit of $0.51 is payable on November 16, 2017, to holders of record of AB Holding Units at the close of business on November 6, 2017.