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 $2.8 trillion.
The deal, which was announced last summer, is the largest purchase since David Solomon took over the chairman and CEO reins in 2018.
Buying NN Investment Partners, based in The Hague, is part of the US group’s plan to bolster its European operations.
The business will accelerate growth in products such as European equity and investment-grade credit, sustainable investments and green bonds.
The Netherlands, where NN IP is headquartered, will become “an important location” for the European business of GSAM, according to the financial services firm.
NN IP is a well-established and veteran player in sustainability. 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 $355 billion in AUM.
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 $180 billion, creating one of the largest non-affiliated insurance asset managers globally, with over $550 billion 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.”
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