By Saeed Azhar
NEW YORK (Reuters) - Goldman Sachs' asset management arm hired Gregory Weiss from BlackRock (NYSE:BLK) to lead a business that sells managed accounts and index products to wealth managers.
Weiss joins Goldman Sachs as managing director as head of so-called "wealth customized solutions" for the U.S, according to a internal memo seen by Reuters.
Goldman Sachs clients for these products include large banks' wealth management divisions, independent broker-dealers and registered independent advisors.
Weiss was head of separately managed accounts (SMAs), models and portfolio consulting at BlackRock, according to the Goldman memo. The executive has more than 25 years of industry experience, including more than a decade at Merrill Lynch and five years at UBS.
Goldman Sachs Asset Management wants to offer tailored portfolios across both public and private asset classes, said Padi Raphael, head of third party wealth management at the bank.
Weiss will help lead the expansion of Goldman's customized wealth offering to financial advisers, she said.
SMAs account for a roughly $7 trillion market in the U.S., according to the memo.