American Express Financial Advisors has added 27 portfolios from Goldman, Sachs & Co to its menu of third-party mutual funds.
The agreement with Goldman Sachs Asset Management, a division of the New York investment bank, was announced Monday. An American Express spokesman declined to discuss the financial arrangements.
Goldman's funds, whose assets total $195 billion, will be distributed through a network of 9,000 financial advisors.
American Express distributes some 500 funds from 10 other fund families, including OppenheimerFunds and Putnam Investments. But unlike the Goldman funds, most of those are no-load funds, which American Express sells without advice through its American Express Financial Direct.