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Goldman Partners With Fidelity to Offer Loans to Wealthy Clients

  • Bank to offer loans up to $25 million within day of applying
  • Deal is first as Goldman adds services for investment advisers

Goldman Sachs Group Inc. is again turning to technology to establish a foothold in a new market.

The Wall Street firm is targeting independent investment advisers -- those unaffiliated with big brokerages like Morgan Stanley or Bank of America Corp. -- with a new lending platform. A venture announced Thursday with a unit of Fidelity Investments will allow the advisers to offer clients loans of as much as $25 million backed by their investment portfolios. And it will mean Goldman Sachs can squeeze more money from its growing deposit base.