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Australian Financial Review reported. Goldman Sachs, which oversees about A$9 billion ($6.6 billion) in Australia, is reviewing options including a sale or a management buyout. Its Australian equities team is led by Dion Hershan in Melbourne. The investment bank told its staff in an internal memo that the businesses under review might best grow under new ownership. “In Australia, we believe the next level of growth for the domestic managed product business could be best achieved under new ownership,” Simon Rothery, the firm’s Australia head told staff in an e-mail Wednesday. “This GSAM review is being undertaken independently of the rest of Goldman Sachs in Australia. The firm’s corporate advisory, securities and other activities in Australia will not be affected in any way and will continue to operate as they do today,” Rothery added. The move comes after last year’s Swiss bank UBS Group AG’s (NYSE: UBS) decision to withdraw from its Australian wealth-management services after a strategic review. In May 2015, the UBS unit’s former head Mike Chisholm agreed to acquire UBS Wealth Management Australia Ltd with its license and A$15bn in assets under management, through a spin-off and management buyout, together with the unit’s former team. Chisholm’s new firm is called Crestone Wealth Management Ltd. About 80% of UBS former advisers reportedly signed on with Crestone, but the closing of the buyout has been delayed several times and is still pending. “The shake-up at UBS wealth management unit comes at a time when the private wealth industry is becoming more fragmented as the Future of Financial Advice reforms impose heavier regulatory burdens upon large banks,” the Australian said. Photo: Goldman Sachs Australia CEO, Simon Rothery.]]>