The Wall Street firm has been building its private wealth management business in the US and other jurisdictions.

Goldman Sachs has named John Mallory and Meena Flynn as co-heads of global private wealth management.

The changes take effect January 1. Goldman Sachs confirmed the story, which had originally appeared in Bloomberg, to Family Wealth Report when asked about it.

The business has been building out its PWM arm, reducing its traditional reliance on brokerage and investment banking – a more volatile and capital-hungry area of business.

Mallory is head of Americas Private Wealth Management, while Flynn leads the global Markets Solutions Group. 

Goldman Sachs announced changes to its senior management at the end of September this year. 

“We look forward to working with John and Meena to grow our global PWM franchise,” Tucker York and Stephanie Cohen, the recently named co-heads of the consumer and wealth management division, said.

The report named other promotions as announced by Cohen and York: 

-- Irfan Hussain, global chief information officer; 
-- Stephanie Smith, global head of operations; 
-- Zeeshan Razzaqui, global chief operating officer; 
-- Craig Singer, global chief financial officer; and 
-- Kerryann Benjamin, global human capital management business partner.

In 2019 it bought United Capital for $750 million in cash, giving the firm a larger chance to win more HNW clients, adding to its coverage of the UHNW space. Earlier in September this year, it bought Folio Financial, an execution, clearing and custody platform that serves independent Registered Investment Advisors.