Goldman Sachs adds scale to European business as NN IP acquisition completes

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Goldman Sachs adds scale to European business as NN IP acquisition completes

Goldman Sachs has completed the acquisition of NN Investment Partners (NN IP) from NN Group NV for approximately €1.7bn, bringing its assets under management to $2.8trn.

The deal, which was announced in August last year, will see NN IP's more than 900 employees join Goldman Sachs Asset Management (GSAM) and brings the latter's assets under supervision in Europe to more than $600bn.

The Netherlands, where NN IP is headquartered, will become "an important location" for the European business of GSAM and a "centre of excellence for sustainability in public markets investing", the group said.

ESG criteria is integrated into approximately 90% of assets under supervision at NN IP and, at the time the deal was announced, NN IP had $355bn in assets under management.

GSAM to buy NN Investment Partners for €1.6bn

As part of the transaction, GSAM has entered into a long-term strategic partnership agreement with NN Group to manage a portfolio of assets worth approximately $180bn, making it one of the largest non-affiliated insurance asset managers globally, with over $550bn in assets under supervision.

The group said the acquisition also provides a "foundation for further growth" in its European fiduciary management business, building on its existing US and UK platforms.

David Solomon, chairman and CEO of Goldman Sachs, said: "This acquisition advances our commitment to put sustainability at the heart of our investment platform. It adds scale to our European client franchise and extends our leadership in insurance asset management.

"We are excited to welcome the talented team at NN Investment Partners, a centre of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders."

The acquisition is Solomon's largest since he became chief executive in 2018.