Marcus to launch investment platform in the UK
US banking giant Goldman Sachs which unveiled Marcus Bank in the UK in 2018, announced it is to launch an investment platform in the UK in the second half of the year.
Marcus Invest will give UK retail investors the opportunity to access the Goldman Sachs investment arm for the first time.
This will follow its launch of Marcus Invest in the United States in the first quarter of this year.
David Solomon, chairman and chief executive of Goldman Sachs, said: “We are particularly excited about the launch of the Marcus Invest platform in the US this quarter, which for the first time brings the investing expertise of Goldman Sachs directly to mass affluent customers.
“Following our US launch, we plan to expand to the UK in the second half of the year. Marcus Invest will offer individuals the ability to invest as little as one thousand dollars in our proprietary asset allocation strategies, with options ranging from index funds to ESG-focused ETFs.
“Digital investing features will be integrated into the Marcus app and website, and will combine the accessibility, simplicity and transparency of Marcus with our leading investment advisory capabilities.”
Currently, there is no further information about the UK launch, but Marcus said details will be announced in due course.
A Marcus UK spokesperson, said: “We’re excited about expanding our offering to investment products. Marcus Invest will launch in the United States during the first quarter of this year, with the UK launch planned for the second half of 2021. We look forward to providing additional information in due course.”
The news came after Goldman Sachs posted its better than expected full year and Q4 2020 earnings results. Net revenues of $44.56bn and net earnings of $9.46bn for the year ended December 31, 2020 were posted while net revenues hit $11.74bn and net earnings stood at $4.51bn for the fourth quarter of 2020.
Marcus in the UK
Marcus, the online savings arm of Goldman Sachs, launched in September 2018 with a market-leading easy access account paying 1.5%.
The rate has tumbled to just 0.5% today and in June 2020 it closed the account to new applicants in a bid to keep within a regulatory limit and to manage how quickly it grows. The closure is still being kept under review.
As of January 2021, Marcus confirmed it had 500,000 UK customers on its books and holds £21bn of deposits.