United States

Our Relationship with Clients. Depending on our relationship with you, we may act as an advisor, a broker-dealer, or both. Our role and obligations vary depending on the capacity in which we act. Where we act as an advisor, our primary role is to give you advice, help you manage your investments or, where applicable, help you hire another advisor to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Management (“PWM”) team is compensated may change over time and will depend on various factors including, but not limited to, whether you are classified as a professional or retail client, have an advisory or brokerage account, and on the investments made in your account.  Please ask questions to make sure you understand your rights and our obligations to you, the difference between advisory and brokerage accounts, and / or how we are compensated based on the capacity in which we act. We are part of a full-service, integrated investment banking, investment management, and brokerage firm. Other firm businesses may implement investment strategies that are different from the strategies used or recommended for your portfolio. Please see https://www.goldmansachs.com/disclosures/customer-relationship-summary-form-crs/index.html for important disclosures regarding Regulation Best Interest. 

Entities Providing Services. Investment advisory and/or financial counseling services may be provided by Goldman Sachs & Co. LLC (“GS&Co.”), an affiliate, or an external manager under the wrap program sponsored by GS&Co. Entities and/or affiliates may include but are not limited to The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management (“Ayco ”); United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”); or another affiliate. Brokerage services are provided by GS&Co., member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC ”). Banking services (including check-writing, debit cards margin loans and strategic wealth advisory services are provided by GS&Co. Over-The-Counter (“OTC”) derivatives, foreign exchange forwards and related financing are offered by GS&Co. Trust services are provided by The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust Company of Delaware. All of these affiliated entities are subsidiaries of The Goldman Sachs Group, Inc. (“Firm” or “GS”). Deposit products, mortgages, and Bank loans are offered by Goldman Sachs Bank USA, member Federal Deposit Insurance Corporation (“FDIC”) and an Equal Housing Lender. Family office services (“Family Office Services”) may be provided to clients by GS&Co. and/or its affiliates; other Family Office Services may be provided by subcontractors, independent service providers, or other third parties (collectively, “Third Party Vendors”), who are not acting as financial or investment advisors. The scope, duration, deliverables, assigned personnel, referrals to Third Party Vendors, and delivery channels through which Family Office Services are provided will vary among clients, based upon the facts, requested services, circumstances, personal financial goals, net worth, complexity, and/or needs of each client. Third Party Vendor services are wholly independent of those provided by GS&Co. and additional terms of service may apply for clients entering into any separate agreements with Third Party Vendors in furtherance of Family Office Services.

Alternative Investments (“AI”). AIs may involve a substantial degree of risk, including the risk of total loss of an investor’s capital and the use of leverage, and may not be appropriate for all investors. Private equity, private real estate, hedge funds, and IA investments structured as private investment funds are subject to less regulation than other types of pooled vehicles and liquidity may be limited. Review the Offering Memorandum, Subscription Agreement, and any other applicable offering documents for risks, potential conflicts of interest, terms and conditions and other disclosures.

Intended Audience. The information provided on this site is generally intended for clients of PWM and/or prospective clients who would meet the eligibility requirements to be clients of PWM. Materials that discuss advisory services are generally intended for individuals who are Qualified Clients as defined under Rule 305-3 of the Investment Advisers Act of 1940.  Materials that discuss alternative investment products are generally intended for recipients who qualify as Accredited Investors as defined in the Securities Act of 1933. 

Goldman Sachs & Co. LLC. (“GS&Co.”) acts as placement agent for alternative investment funds (the “Funds”) managed by certain external managers. GS&Co. receives cash compensation for its role as placement agent with respect to direct and indirect placements into the Funds. The payment of compensation to GS&Co. creates a conflict of interest because the amount of compensation received by GS&Co. is dependent on the amount of assets it places (directly or indirectly) into each Fund. 

EMEA

This is marketing material for financial instruments or services. The information contained in this material is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any financial instruments or to provide any investment advice or service of any kind. Goldman Sachs Bank AG (“GSBZ”) and /or its affiliates (together “Goldman Sachs”) assumes no liability for the accuracy, completeness or uninterrupted availability of the information or for any damages of any kind, whether direct, indirect or consequential arising from actions taken on the basis of information contained in this material. This material is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

Our Relationship with Clients. We act as an investment adviser or as a broker depending on our relationship with you, and may act as both for some clients. Our role and obligations will vary depending on the capacity in which we act. Where we act as an investment adviser, our primary role is to give you advice, help you manage your investments or help you hire another adviser to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Management team is compensated will vary depending on whether you have an advisory or brokerage account and on the investments we or you make in your account, and may change over time. Please ask us questions to make sure you understand your rights and our obligations to you, the difference between advisory and brokerage accounts and / or how we are compensated based on the capacity in which we act. We are part of a full-service, integrated investment banking, investment management, and brokerage firm. Other firm businesses may implement investment strategies that are different from the strategies used or recommended for your portfolio. 

Entities Providing Services. Investment advisory and/or brokering services may be provided by Goldman Sachs entities including, but not limited to, Goldman Sachs International (“GSI”), Goldman Sachs Bank AG (“GSBZ”), Goldman Sachs Bank Europe SE (“GSBE Frankfurt”, and including its branches as applicable “GSBE”). Custody and margin services may be provided by Goldman, Sachs & Co. LLC  (“GS&Co”), GSI, Goldman Sachs Bank Europe SE, Luxembourg Branch (“GSLU”) or GSBZ, and deposit products and bank loans may be offered by Goldman Sachs International Bank (“GSIB”). GSI is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority, and is an authorised person under the Financial Services and Markets Act 2000 (“FSMA”).  GSBZ is licensed as a bank and is supervised by the Swiss Financial Market Supervisory Authority FINMA.  GSIB is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. GSBE is registered as a European company (Societas Europaea) in Frankfurt am Main, Germany; it is registered with the District Court of Frankfurt am Main, HRB 114190 and has its registered office at Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany. GSBE is a credit institution and, within the Single Supervisory Mechanism established between those Member States of the European Union whose official currency is the Euro, subject to direct prudential supervision by the European Central Bank (Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany) and in other respects by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") (Graurheindorfer Straße 108, 53117 Bonn, Germany; website: www.bafin.de) and Deutsche Bundesbank (Hauptverwaltung Frankfurt, Taunusanlage 5, 60329 Frankfurt am Main, Germany). Goldman Sachs Bank Europe SE – General Information for PWM Clients. If you wish to receive this information in paper format, please contact your Goldman Sachs PWM team.

Alternative Investments are suitable only for sophisticated investors for whom such investments do not constitute a complete investment program and who fully understand and are willing to assume the risks involved in Alternative Investments. Alternative Investments by their nature, involve a substantial degree of risk, including the risk of total loss of an investor’s capital. Alternative Investments are suitable for investors who believe that there are benefits to be gained from investing in private securities. Alternative Investments are not suitable for investors who cannot tolerate the lack of liquidity. Your capital will be put at risk and you may lose some or all of your investment. Additionally, your investment will be locked-up for a certain period of time. Your ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds may be limited.

Asia

Our Relationship with Clients. Depending on our relationship with you, we may act as a discretionary investment manager, a broker or both; we may also give advice in relation to our brokerage services. Our role and obligations vary depending on the capacity in which we act. Where we act as a discretionary investment manager, our primary role is to give you advice, help you manage your investments or, where applicable, help you hire another discretionary investment manager to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Management (“PWM”) team is compensated may change over time and will vary depending on various factors including, but not limited to, whether you have a discretionary or brokerage account, and the type of investments in your account.  Please ask us questions to make sure you understand your rights and our obligations to you, the difference between discretionary and brokerage accounts, and / or how we are compensated based on the capacity in which we act. We are part of a full-service, integrated investment banking, investment management, and brokerage firm. Other firm businesses may implement investment strategies that are different from the strategies used or recommended for your portfolio.  

Entities Providing Services. For clients covered out of Goldman Sachs (Asia) L.L.C. (incorporated in Delaware, USA as a limited liability company) in Hong Kong: brokerage and discretionary services are provided by Goldman Sachs (Asia) L.L.C. (“GSALLC”) (incorporated in Delaware, USA as a limited liability company); brokerage services may also be provided by  Goldman Sachs Bank AG (“GSBZ”) , custody and margin services may be provided by Goldman, Sachs & Co. LLC  (“GS&Co”), Goldman Sachs International (“GSI”) or GSBZ, and deposit products and bank loans may be offered by Goldman Sachs International Bank (“GSIB).  For clients covered out of Goldman Sachs (Singapore) Pte. in Singapore:  discretionary services are provided by Goldman Sachs (Singapore) Pte. (“GSSP”), and brokerage, custody and margin services may be provided by GS&Co, GSI or GSBZ; deposit products and bank loans may be offered by GSIB.

GSALLC (incorporated in Delaware, USA as a limited liability company) (CE No. ACC536) is regulated by the Securities and Futures Commission of Hong Kong.  Goldman Sachs (Singapore) Pte. (Company Number: 198602165W) is regulated by the Monetary Authority of Singapore.  GS&Co is a member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC”) in the United States.  GSI is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority, and is an authorised person under the Financial Services and Markets Act 2000 (“FSMA”).  GSBZ is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.  GSIB is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

The above entities are affiliated entities that are subsidiaries of The Goldman Sachs Group, Inc. (collectively, the “Firm” or “Goldman Sachs”).  Please note that offering of services is subject to jurisdictional requirements, and may not be available to all clients.

Investment Risks and Information. Risks vary by the type of investment. Additional information regarding investments and risks may be available in applicable product materials. Before transacting or investing, you should review and understand the terms and the nature and extent of the associated risks, and you should be satisfied the investment or transaction is appropriate for you in light of your individual circumstances and financial condition.

Alternative Investments (“AI”). AIs may involve a substantial degree of risk, including the risk of total loss of an investor’s capital and the use of leverage, and may not be appropriate for all investors. Private equity, private real estate, hedge funds, and IA investments structured as private investment funds are subject to less regulation than other types of pooled vehicles and liquidity may be limited. Review the Offering Memorandum, Subscription Agreement, and any other applicable offering documents for risks, potential conflicts of interest, terms and conditions and other disclosures.

Tax Information. GS does not provide legal, tax or accounting advice, unless explicitly agreed in writing between you and GS, and does not offer the sale of insurance products. You should obtain your own independent tax advice based on your particular circumstances. Where clients receive Family Office Services, the Family Office may review with you the general income tax consequences of your investments, estate planning, philanthropic endeavors, real estate holdings, and certain other activities that may affect your income tax. The information included in this presentation does not constitute tax advice, has not been audited, should not be used for tax reporting, and is not a substitute for the applicable tax documents, including your Form 1099, Schedule K-1 for private investments, which we will provide to you annually, or your monthly GS account statement(s).
 

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