NEW YORK Goldman Sachs Group said Thursday that it had agreed to buy Epoch Partners, an online investment bank founded by three major discount brokers in 1999.
The price of the deal, which is expected to close within 30 days, was not disclosed.
Epoch was founded by Charles Schwab Corp., TD Waterhouse, and Ameritrade Holding Corp. Under the buyout agreement, Goldman Sachs is to distribute its equity offerings, including initial public offerings, to Schwab and TD Waterhouse clients, a Goldman press statement said. Ameritrade will not pursue a distribution relationship with Goldman, a spokeswoman said.
Epoch focused on technology issues, and issues in that realm have been limited, said Marta von Loewenfeldt, a Schwab spokeswoman. Through the relationship with Goldman Sachs, Schwab would have much more access to other sectors, she said.