Goldman Sachs to acquire asset management firm NNIP in $2bn deal
Goldman Sachs is set to acquire NNIP, the asset management arm of Dutch insurer NN Group, in a $2 billion deal.
NNIP holds $335 billion in assets under management
The acquisition is Goldman’s largest since the appointment of new CEO David Solomon in 2018, and comes as part of the bank’s attempts to diversify its revenues.
NNIP, also known as NN Investment Partners, has $335 billion in assets under management.
Goldman says the combination will create “a full suite of asset management products”.
NNIP’s employees will join Goldman, and the Netherlands will become a “significant location” for the combined business.
The acquisition also sees a partnership deal signed between NN Group and Goldman, lasting for 10 years and seeing the bank provide asset management services.
“This acquisition allows us to accelerate our growth strategy and broaden our asset management platform,” says Goldman CEO Solomon.
“NN Investment Partners offers a leading European client franchise and an extension of our strength in insurance asset management.”
NN Group CEO, David Knibbe, 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 NNIP colleagues can continue to thrive.”
The transaction is subject to regulatory clearances but is expected to close in the first quarter of 2022.
Goldman has made a handful of moves in the market this year. It invested £50 million in UK challenger Starling in April.
In June the bank signed a cross-border payments partnership with Visa, and followed that up in August with a Fiserv deal.
This week the bank appointed Amazon veteran Kamlesh Talreja to lead its asset management engineering.
