Goldman Sachs has entered into a €1.6 billion agreement to acquire Netherlands-based asset manager, NN Investment Partners.
NN Investment Partners offers equity and fixed income products, with Environmental, Social and Governance (ESG) integration across its business.
Goldman Sachs has US$2.3 trillion in assets under supervision globally, and this transaction is expected to bring assets under supervision in Europe to over US$600 billion, aligning with the firm’s objectives to scale its European business and extend its global reach.
As part of the agreement, Goldman Sachs Asset Management will enter into a long-term strategic partnership agreement with NN Group to manage an approximately US$190 billion portfolio of assets.
David Solomon, chairman and CEO of Goldman Sachs, says: “This acquisition allows us to accelerate our growth strategy and broaden our asset management platform. NN Investment Partners offers a European client franchise and an extension of our strength in insurance asset management.”
David Knibbe, CEO of NN Group, adds: “This transaction brings together two international asset managers, each with many decades of investment experience. We have found a strong and professional partner in Goldman Sachs, providing an environment in which our NN Investment Partners colleagues can continue to thrive, while the combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group.
“This transaction will also give NN Group greater optionality to develop a broader range of asset management propositions for our customers. Our approach and ambitions around ESG will remain unchanged and Goldman Sachs shares our commitment to responsible investing.”
The transaction is expected to close by the end of the first quarter of 2022.
