The financial institution Goldman Sachs Group has entered into an agreement to acquire NN Investment Partners from NN Group for €1.6 billion.
NN Investment Partners’ expertise will also strengthen the fund management and distribution platform across retail and institutional channels in Europe and support in delivering long-term value to clients.
The partnership of both the companies will bring new capabilities and accelerate growth in products such as European equity and investment grade credit, sustainable and impact equity, and green bonds.
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 $190 billion portfolio of assets, reflecting the strength of the business’ global insurance asset management capabilities and alternatives franchise.
This partnership will establish the firm as the largest non-affiliated insurance asset manager globally, with over $550 billion in assets under supervision, and the acquisition will provide a foundation for further growth in the firm’s European fiduciary management business.
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. NN Investment Partners offers a leading European client franchise and an extension of our strength in insurance asset management.
“Across NN Investment Partners’ offerings they have been successful in integrating sustainability which mirrors our own level of ambition to put responsible investing and stewardship at the heart of our business. We look forward to partnering with the team at NN Investment Partners as we focus on delivering long-term value to our clients and our shareholders.”
