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Goldman Sachs Sells Online Platform for Structured Notes

  • Bank’s ownership of Simon made rivals hesitant to use it
  • The online tool is said to be valued at about $75 million
Goldman Sachs Group Inc. headquarters stands in New York, U.S., on Friday April 14, 2017.

Goldman Sachs Group Inc. headquarters stands in New York, U.S., on Friday April 14, 2017.

Photographer: Victor J. Blue/Bloomberg

Goldman Sachs Group Inc. sold a web platform that helped market complex bond-like instruments to mom-and-pop investors, according to people with knowledge of the matter.

The bank agreed to sell a majority stake in the operation, known as Simon, which will start operating as an independent entity in coming months, the people said, asking not to be identified because the information isn’t public. The deal values Simon at a little more than $75 million, one of the people said. The identity of the investors hasn’t been announced.