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Goldman Sachs set itself a growth target for its asset and wealth management division a few years back. Then it went ahead and beat it by a comfortable margin.
CEO David Solomon has signaled that the firm’s AWM business is growing at better than 10%, well above the high-single-digit target the bank had originally laid out. The division’s management and other fees have compounded at a 12% annual rate since 2021, and assets under supervision have crossed the $4 trillion mark for the first time.
The numbers behind the upgrade
Goldman’s AWM segment posted $4.60 billion in net revenues for Q2 2026, a 20% jump from the same period a year earlier. Management and other fees hit $3.355 billion in the quarter, also up 20% year-over-year.
The division has now strung together 34 consecutive quarters of long-term fee-based inflows.
Assets under supervision climbed from $3.6 trillion at the end of 2025 to above $4 trillion by mid-2026.
The outperformance has given Solomon enough confidence to raise the division’s medium-term targets. Goldman now expects AWM pre-tax margins to reach approximately 30%, up from the previous goal of around 25%. Return on equity targets have been bumped to the high teens.
Solomon has also set a new benchmark of 5% annual long-term fee-based net inflows from the wealth management segment specifically.
A deliberate strategic pivot
The firm has been backing up the strategy with acquisitions. Recent deals include Innovator, an ETF provider known for its defined-outcome products, and Industry Ventures, a firm focused on venture capital secondaries.
Goldman is also targeting $75 billion to $100 billion in annual fundraising for alternative investments.
To underscore the division’s importance, Goldman appointed seven new AWM executives to the firm’s management committee in 2026.
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