You know when you look at the strategy Set forward by Goldman Sachs help us Understand Goldman stack sock has been Lagging on a Price to Book basis from Some of its Rivals what are investors Not seeing what is the math here on why Goldman may be worth more than the stock Is currently showing well first of all It's great to have you in our building Thanks for taking the time today was an Important day for us as you said it was Our second investor day in our 23 or so Year history as a public company and 154-year history as a firm we've Committed to talking to our investors on A more regular basis and so we did our First investor day in January of 2020 Right before the pandemic and then we Had three years of clearly very Complicated volatile markets and so We're now updating our investors on what We've done over the past three years and Spending a lot of time talking about our Strategic realignment which is an Important evolution in our journey to Further align our businesses to create More durable returns and long-term value Over time is there a Goldman 2.0 here When you take a look at the strategy or Is this kind of an incremental path to Get to where you want to go well I think If there's a 2.0 it's really talking About having two Market leading Businesses global banking and markets
And Asana wealth management which are Businesses we've been in for a very long Period of time now run together in an Integrated fashion global banking and Markets a 30 plus billion dollar Revenue Business generated 16.4 percent returns Last year definitively outperforming our Competition we've done a great job in Those businesses and now when you see Them together you see the power of those Franchises and you see some of the Diversity effects of those franchises Where in some cases market headwinds for Certain other franchises that are Tailwinds for others and vice versa and You can see those businesses really Performing across Cycles in a mid-teens Returns kind of manner when you think About asset and wealth I'm really Curious about how much you're willing to And Is this something you think you would do A large transformative deal around in Order to Well let's just talk about the organic Opportunity in asset and wealth Management and today again in global Banking and markets Dandy's walk through The story it's a very very compelling Story in accident wealth management my Partner Mark knockman walked through That story and to your question about a 2.0 version we're now running asset and Wealth management as an integrated
Platform where we have scale in active Asset Management we're a top five player In active asset management and we're a Top five player in global Alternatives I'm not aware of another platform that Has our kind of scale in both that's Pretty unique and then we have a premier Wealth management franchise with a Trillion dollars of assets on that Platform we have have to also talk about Kind of this year's long journey in Consumer as well you've said you're Considering strategic Alternatives how Much detail can you give us around what Those strategic alternatives are could It mean the sale of all or parts of the Business before I address your consumer Question and I will address it just in Asset and wealth management this is a Very important again back to your 2.0 Question this is a very important growth Opportunity for the firm with the scale I talked about we now have significant Fundraising objectives in front of us we Have a significant management fee Target In front of us we now have 8.8 billion Dollars of management fees in that Business against a 10 billion dollar 2024 Target we're clearly well on our Way to hitting that Target and that Target is not the limit of our Ambitions Two billion dollars of that 10 billion Dollar Target would be from Alternatives We're now at 1.8 billion dollars on that
Two billion dollar Target so in both Cases total and Alternatives we are well On our way to hitting and exceeding Those targets which will make the firm More durable more resilient and more Valuable and so that that 2.0 version of Asset and wealth management is going to Be a significant growth Vector for the Firm going forward where you have two Market leading businesses both mid-teens Returning businesses both durable both Resilient through the cycle both where We are Market leaders which really Underpin the financial targets we put Out today with our investors
