Goldman's John Waldron could replace David Solomon as CEO as early as January

Goldman Sachs president and chief operating officer John Waldron could replace David Solomon as CEO as early as January, according to a flurry of press reports cited by RIABiz. Waldron oversaw the 2020 acquisition of Folio Institutional, which became the core of Goldman's RIA custody unit.

Waldron ran the RIA custody deal with Peter Mallouk's Creative Planning in July 2023, after which the two executives described a lasting partnership. "We share the same vision," Waldron said of Creative Planning at the time, according to RIABiz.

He also bought United Capital, added it to in-house RIA Ayco, and developed a wealth division. Solomon later divested United Capital and folded the division into Goldman Sachs Asset Management.

RIABiz also notes Waldron served as a sounding board for partners and executives unhappy with Goldman's now-dropped effort to become a retail force, including its brief tenure as United Capital's owner, citing The Wall Street Journal.

The unit that survived is the Folio-based custody business, which RIABiz describes as starting to look stable and promising, helped by RIAs making heavy use of high-margin Goldman Sachs Asset Management products. Per PWD's records, GSAM shows $2,648.9 billion in regulatory assets across 249,499 accounts.

DFA's search for an M&A partner has gone quiet, according to RIABiz, and complex factors could prolong the process. RIABiz says DFA is not nearly in fire sale mode and raises whether there is a DFA without founder David Booth, 79, and his independent ownership group.

RIABiz describes DFA as the most RIA-oriented fund company in the market.