EMEA Disclosures

Important information

This material is generally intended for eligible clients of Private Wealth Management (“PWM”) and/or prospective clients who would meet the eligibility requirements to be clients of PWM. If you are located in the EMEA region, Goldman Sachs may not be authorised or otherwise able to offer or provide you with the PWM products and services described through this website in the country or region you are located or resident in. This website is not intended for distribution or use by any person in any jurisdiction, or country or region where the distribution or use of this material is restricted and would not be permitted by law or regulation. The material on this website is based upon information which we consider reliable, but we do not represent that such information is accurate or complete, and it should not be relied upon as such.

Entities

Depending on your jurisdiction, services may be provided by the following entities and/or other affiliates of The Goldman Sachs Group, Inc (collectively, “GS”). Investment advisory and/or investment management services may be provided by Goldman Sachs International (“GSI”), Goldman Sachs Bank AG (“GSBZ”), and Goldman Sachs Bank Europe SE (“GSBE”, and including its branches as applicable). 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. Deposit products and/or bank loans may be offered by Goldman Sachs International Bank (“GSIB”), GSLU or GSBZ.

GSI is an investment firm authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority ("PRA"), and is an authorised person under the Financial Services and Markets Act 2000. GSIB is a credit institution authorised by the PRA and regulated by the FCA and the PRA. GSBZ is licensed as a bank and is supervised by the Swiss Financial Market Supervisory Authority, FINMA. GSLU is a branch office of Goldman Sachs Bank Europe SE ("GSBE"). GSBE is a credit institution subject to direct prudential supervision by the European Central Bank and in other respects by the German Federal Financial Supervisory Authority  and Deutsche Bundesbank. GSLU is also subject to local supervision by the Luxembourg Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier). For further information on GSBE and its branches, please click here.

Products and Services

This website is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which an account you open with PWM should or would be handled, as finding the appropriate investments for you will depend on a variety of factors.

You should speak with your Private Wealth Advisor, who may refer you to or consult with one of the specialist teams below, to further understand your eligibility for PWM’s products and services and any specific risks, costs and implications of entering into investments. Please carefully read and understand any legal documentation provided to you including PWM’s General Terms and Conditions, the Product Information and Risks Booklet and any transaction specific documents. If you wish to receive any information in paper format, please contact us.

GS does not provide legal, tax, or accounting advice to PWM clients, unless explicitly agreed in writing. You are encouraged to consult with your own tax, legal or other professional advisers regarding your specific circumstances.

Portfolio and Investment Strategies

The Portfolio Management Group (“PMG”) constructs and manages portfolios in line with agreed investment parameters and manages risk through data models for a variety of investment strategies. The Investment Strategy Group (“ISG”) provides strategic and tactical asset allocation views, and market analysis for the firm’s high net worth clients and certain institutions.

Any information that references ISG or PMG represents the views of those groups, is not financial research and is not a product of GS Global Investment Research (“GIR”) and may vary significantly from views expressed by other portfolio management teams within PWM, or other groups at GS.

Alternative Investments

The Alternative Capital Markets (“ACM”) platform provides exposure to a range of alternative asset classes including private equity, growth / venture capital, private credit, private real estate, hedge funds, co-investments and impact private investing. ACM offerings include proprietary and third party external investment strategies.

Alternative investments often engage in leverage and other investment practices that are speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested. They can impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of any profits. Alternative investments may themselves invest in instruments that are highly illiquid and difficult to value, limiting your ability to redeem or transfer your investment or delay receipt of redemption proceeds. There may be conflicts of interest between the alternative investment and other service providers, including the investment manager and sponsor of the alternative investment.

Single Stock Risk Management

The Single Stock Risk Management (“SSRM”) group works with clients holding concentrated single-stock positions to provide structuring and execution services including in relation to hedging strategies and monetization strategies such as block trading.

Provision of SSRM services is subject to local law and regulatory requirements, exchange rules and internal policies. Factors include but are not limited to the nature of your shareholding, liquidity of the underlying stock, market conditions and stock specific restrictions. Not all structures may be appropriate or available depending on your investment profile and objectives.

Family Office

The GS Family Office (“GSFO”) provides a suite of personal family office services in which it may provide information on financial planning strategies and developments including but not limited to potential tax consequences of investments.

The availability of GSFO’s services vary among clients, are provided based on individual client needs and preferences, and are limited to educational consultations that should not be viewed as tax, legal or accountancy advice.  GSFO does not provide investment advice or investment management services. GSFO does not address every aspect of a client’s financial life and the fact that a topic is not discussed with you does not necessarily indicate that the topic is not applicable to your financial situation. GS assumes no duty to act pursuant to any strategies discussed with you as part of GSFO Services.  It is your responsibility to determine if and how any such strategies should be implemented or otherwise followed, and you are encouraged to speak with your own professional advisers regarding your situation.

APEX

The APEX team provides large and sophisticated family offices with access to a range of bespoke public and private investment opportunities across asset classes, geographies, and industries through the broader firm franchise. These opportunities include direct equity or fund investments, and participation in mergers and acquisitions or other financings. Clients must meet certain eligibility criteria to be considered for such offerings.

The role of the APEX team is that of an introducer only and APEX does not provide any advisory, custody or investment management services. Many investments have long durations, and lack liquidity are therefore subject to risk. You will need to conduct your own independent review and due diligence to make your own assessment of the merits and risks of the investment opportunity including in relation to legal, tax and accounting analysis.

Sustainable and Impact Investing

The Sustainable Solutions Group (“SSG”) helps manage environmental, social and governance (“ESG”) risks within PWM but also collaborates on key topics with stakeholders across the broader firm including with regard to climate strategy, sustainable investing, sustainability integration and regulation, research, stewardship, client strategy and engagement, and thought leadership and policy.

ESG investments will only be offered where consistent with your financial objectives, risk appetite and suitability assessment. There is no universally accepted definition of “ESG”, “sustainable” or “impact” investing or similar terms. Where these terms are used, they reference internally defined criteria except where specifically stated and not to not to any jurisdiction-specific regulatory definition that may exist. ESG assessments may also rely on third-party data which may be incomplete or subjective. ESG-focused investments may underperform relative to non-ESG alternatives and may be exposed to specific sector or thematic risks.

Cash Management

The Private Banking team in PWM offers different types of deposit accounts in a range of currencies dependent on region to help you manage your cash. Subject to eligibility requirements, these include a cash sweep facility through which uninvested cash is swept into an overnight deposit account, and a fixed term deposit account whereby a fixed rate of interest is applied for the duration of the term with no withdrawals permitted from the account.

Further information is available on interest rates which apply to accounts and application of deposit protection schemes. Payment methods and services available to move cash depend on location. Transaction limits, cut off times and processing timescales vary according to the type of payment and currency. Depending on your personal circumstances, you may need to pay tax on the interest you earn, and it will be your responsibility to pay any tax you may owe to the relevant tax authorities.

Strategic Lending

The Private Banking team in PWM offers new loans as well as refinancing and restructuring of existing loans across a range of asset classes including securities, alternative investments, residential and commercial real estate, aviation and yachts. Such loans are subject to eligibility, credit and underwriting checks.

Lending may not be suitable for you and carries a number of risks, including but not limited to the risk of a market downturn, tax implications if for example pledged securities are liquidated and an increase in interest rates. If the value of collateral drops below certain levels, you may be required to pledge additional collateral and/or pay down the loan.