MICROCAPITAL BRIEF: First Affirmative Financial Network (FAFN) Purchased by Its Employees as Goldman Sachs Acquires Folio

First Affirmative Financial Network (FAFN), a US-based investment advisory company, recently became an employee-owned firm after having been acquired in 2016 by Folio Financial, a US-based brokerage, custodial services and financial technology company. The move comes as Folio Financial is being acquired by the US-based investment company Goldman Sachs.

“We’re thrilled to reinforce more than three decades of values-based investment innovation with employee ownership,” said George Gay, the CEO of FAFN. “We will grow our network of advisors and bring powerful, impactful financial management tools to more people through the leadership of our empowered teammates.”

Founded in 1987, FAFN is network of independent, US-based advisors helping its clients incorporate “socially conscious” investments into their portfolios via strategies such as sustainable, responsible and impact (SRI) investing and environmental, social and governance (ESG) investing. The organization, which has approximately USD 1.1 billion in assets under management, is a Certified B Corporation, indicating it pursues business goals through socially and environmentally conscious methods.

Folio Financial was founded in 2000. Financial data on the firm are not available.

Goldman Sachs offers investment banking, investment management and financial advisory services to corporations, financial institutions, governments and retail clients. Founded in 1869, the firm is headquartered in New York and maintains offices in 36 countries. As of December 2019, it reports total assets of USD 933 billion.

By Romil Pandey, Research Associate

Sources and Additional Resources

First Affirmative press release
https://www.firstaffirmative.com/commentary/values-based-investing

First Affirmative homepage
https://www.firstaffirmative.com

Folio Financial homepage
https://www.foliofinancial.com

B Lab homepage
https://bcorporation.net

Goldman Sachs homepage
https://www.goldmansachs.com

Goldman Sachs 2019 Annual Report
https://www.goldmansachs.com/investor-relations/financials/current/annual-reports/2019-annual-report/annual-report-2019.pdf

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