NEW YORK, Aug 21 Reuters Goldman Sachs is weighing the sale of a part of its wealth business, it said on Monday, as it shifts its focus back to serving the ultrarich and away from highnetworth clients in mass markets.

The Wall Street bank is evaluating alternatives for its registered investment adviser RIA unit, called Personal Financial Management PFM, which manages about 29 billion, it said in a statement.

The move comes as Goldman retreats from its consumer operations, which lost 3 billion in the last three years, and pushes ahead with a sale of its fintech business, GreenSky.

Goldman bought the RIA, formerly known as United Capital Financial Partners, for 750 million in 2019 when it managed about 25 billion in funds. The purchase aimed to broaden Goldman39;s client list beyond the ultrarich, but the unit has remained a small part of the bank39;s wealth business.

Goldman39;s private wealth arm oversees 1 trillion in assets for ultrahigh net worth clients.

RIABiz reported earlier on the possible sale.

The potential divestments come after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its lossmaking consumer business.

This is part of the overall restructuring of the firm, back toward its roots, said Stephen Biggar, an analyst at Argus Research.

They39;ve been unable to carve a path of profitability and scale for the RIA, which catered to highnetworth individuals in mass markets outside of Goldman39;s core,…