Goldman Sach's much-talked-about GS.com service is ready to for testing in the next 30 days, according to a report on
Bloomberg. It is being readied for a fourth quarter launch, said the report. The service, which was highlighted in Goldman's revised filings at the time of its initial public offering, is said to be targeted at the high-net worth market -- but not the super affluent who are currently Goldman's best customers.
Goldman Sachs declined comment on the story, saying that there was "nothing new".
The word of the effort is circulating even as the firm is once again readying shares for a public sale -- this time a $4.5 billion secondary offer. Senior management is currently in Boston on the last day of a six-day roadshow. The offering is expected to price tomorrow. The offering could bring $4.5 billion into the firm's coffers as it plans to sell at least 40 million shares or 46 million if there is strong demand.
Goldman shares closed Friday at $98.50 per share.
Bloomberg reports that GS.com will be open to clients with as little as $5 million. Today Goldman focuses on clients with at least $25 million in assets.
When reports of the new service began earlier this year, word was that
Leslie Tortora, managing director and chief information officer, and
George Walker, managing director, will act as co-heads of the new service. It will reportedly also feature Goldman Sachs Asset Management funds along with funds from other companies. It will also debut an investment advice tool, according to the newsletter.
At the time, a spokesperson said that calling the new service a "fund supermarket" is a mischaracterization.
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