First Affirmative Financial Network, a Colorado Springs, Colo.-based RIA with $1 billion in assets under management, announced it has spun off from Goldman Sachs, which acquired it in the Folio Financial deal announced in May.
First Affirmative, which opened its doors in 1988, features a proprietary workstation called AffirmativESG that helps advisors design customized impact investing portfolios.
“We will grow and bring powerful, impactful financial management tools to more people through the leadership of our empowered teammates,” CEO George Gay said.
Goldman Sachs acquired Folio Financial in May to access its technology and gain a foothold in the custody business in the wake of its mid-2019 deal for RIA United Capital. The deal is expected to close in the third quarter, giving Goldman Sachs its own custody platform boasting $11 billion in AUM and serving independent RIAs.