A former executive director from Goldman Sachs’ private wealth management division believes wealthy families are ill served by private banks. He has set up what he describes as a lower cost multi-family office model, which he hopes will prove durable.
A former executive director from Goldman Sachs’ private wealth management division believes wealthy families are ill served by private banks. He has set up what he describes as a lower cost multi-family office model, which he hopes will prove durable.
Yogi Dewan, who worked at Goldman Sachs for nine years and built up the firm’s private wealth management division across Europe, was so incensed by what he saw as over-charging and product pushing that he resigned and set up his own multi-family office, Hassium Asset Management, in 2006.
Four years on and the firm has amassed around half a billion dollars in assets and has just opened two new offices in London and Zurich to accompany its office in Beaconsfield.
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‘I felt that Goldman Sachs, like a lot of private banks in the space, had lost its way. Over the years I worked with a lot of wealthy families and felt that a lot of banks were focused on generating revenue streams and selling products, often putting clients in products that are not in their best interests,’ Dewan says.
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