Goldman Sachs is launching GSVentures, an early stage investments fund charged with identifying ideas and management teams to create and build new financial services businesses.
In addition to funding, GSVentures will seek to provide assistance in recruiting, coaching, marketing, strategic partnerships, risk management, technology support, and legal and administrative assistance to its partner companies.
Michael Mortara, president and chief executive officer of GSVentures, says: "Technology, deregulation and globalisation are transforming the financial services industry. Our goal is to help identify, create and develop promising new businesses that will drive the financial services industry of the future."
Prior to his new role, Mortara was co-head of Goldman Sachs' fixed income, currency and commodities division.
GSVentures is headquartered in New York, with professional staff located in Europe and Asia