October 7, 2022

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Goldman Sachs appoints advisor head of Personal Financial Management

A longtime executive of Goldman Sachs Private Wealth Management has been selected by the firm to help lead the Personal Financial Management unit, formerly known as United Capital.

David Fox (pictured), who ran the southwest region at Goldman’s UNHW-focused Private Wealth Management division, will become head of advisors in a newly created role at Goldman unit Personal Financial Management.

Personal Financial Management was formed when Goldman Sachs rebranded Joe Duran’s $25bn RIA United Capital after purchasing it in 2019. It focuses on clients with portfolios of $1m to $10m. The firm’s Form ADV indicates it currently oversees roughly $17bn in total client assets, but a representative from Goldman Sachs said the unit’s true amount of assets under advisement is substantially higher due to the way Goldman Sachs reports assets internally. The firm declined to give an exact figure for the Personal Financial Management group’s AUA.

Fox will report to Duran and Personal Financial Management co-head Larry Restieri and will continue to work out of Dallas. 

Since joining Goldman Sachs in 1999, Fox has held a variety of roles including as a Private Wealth Management advisor in Philadelphia and head of the Southeast region out of Atlanta. He also led the national training programs for new Private Wealth Management advisors. He was named a managing director in 2007 and partner in 2016.

Before beginning his career at Goldman Sachs, Fox was a world-class competitive swimmer and Olympic medalist, having won gold as part of the US’s 4×100-meter freestyle relay team at the 1996 Olympic Games in Atlanta.

Editor’s note: The headline has been changed to more accurately reflect David Fox’s new role.