Goldman Sachs is planning to open up an internal go-anywhere investing group to outsiders, according to the Wall Street Journal.
The firm’s special situations group, often referred to by its SSG acronym, plans to raise outside money, the newspaper reported Tuesday, citing people with knowledge of the situation. New York-based Goldman is considering combining the group with the firm’s merchant bank, which makes private equity investments, the Journal said.
SSG invests the bank’s money in a diverse set of asset classes, from stakes in mid-sized companies to credit and real estate around the world. The unit, run by Julian Salisbury since 2013, has about $30 billion in assets, according to the Journal.
It’s part of a broader plan by CEO David Solomon to boost revenue across the company to make up for a multi-year decline in trading results. The bank is making a push to find new clients in investment banking, start new businesses like corporate cash management and gain share in retail banking activities like personal loans.
Read the full Journal report here.