Goldman Sachs has announced it is to acquire Dutch fund manager NN Investment Partners (NN IP) for around €1.6 billion.
As part of the deal, which is expected to close in the first quarter of 2022, NN IP’s employees will join Goldman Sachs Asset Management (GSAM)
Goldman Sachs said the acquisition will see the Netherlands becoming a significant location in its European business.
The agreement will also see GSAM enter into a long-term strategic partnership with NN Group – NN IP’s current parent company – to manage a portfolio of around $190 billion (€162.6 billion) of assets.
NN IP, which is based in The Hague, currently has around $355 billion in assets under management (AUM) and approximately $70 billion in assets under advice. It employs over 900 people worldwide.
Goldman Sachs, which has $2.3 trillion of AUM globally, said the partnership will establish the firm as the largest non-affiliated insurance asset manager globally with over $550 billion in AUM.
The acquisition will also provide a foundation for further expansion into the European fiduciary management industry, according to the US institution.
David Solomon, chairman and chief executive officer of Goldman Sachs, said: “This acquisition allows us to accelerate our growth strategy and broaden our asset management platform.”
David Knibbe, chief executive officer of NN Group, added: “Our approach and ambitions around ESG will remain unchanged and Goldman Sachs shares our commitment to responsible investing.”
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