The Goldman Sachs Group has completed the acquisition of NN Investment Partners from NN Group N.V. for €1.7bn.
NN Investment Partners will be integrated into Goldman Sachs Asset Management with the company’s more than 900 employees joining the Goldman Sachs family and the Netherlands becoming an important location in Goldman Sachs’ European business and a center of excellence for sustainability in public markets investing.
The acquisition, which was initially announced in August 2021, brings Goldman Sachs’ assets under supervision to approximately $2.8trn and affirms its position as a top five active asset manager globally with leading franchises in fixed income, liquidity, equities, alternatives and insurance asset management.
It also brings assets under supervision in Europe to over $600bn, aligning with the firm’s strategic objectives to scale its European business and extend its global reach.
The combination further strengthens our platform and provides an expanded product range and dedicated service to clients globally, bringing together the best of both organizations to deliver investment solutions at scale, across all asset classes.
NN Investment Partners is highly complementary to Goldman Sachs Asset Management’s existing European footprint, adding new capabilities and accelerating growth in products such as European equity and investment grade credit, sustainable and impact equity, and green bonds.
NN Investment Partners has been successful in incorporating Environmental, Social and Governance (ESG) factors across its product range, with ESG criteria integrated into approximately 90% of assets under supervision2.
Over time, Goldman Sachs Asset Management intends to leverage the expertise of NN Investment Partners to complement its existing investment processes, helping the firm to deepen ESG integration across its product range and deliver on clients’ sustainable investing priorities.
David Solomon, Chairman and Chief Executive Officer 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 center of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders.”
As part of the transaction, Goldman Sachs Asset Management has entered into a long-term strategic partnership agreement with NN Group to manage an approximately $180bn portfolio of assets, reflecting the strength of the business’ global insurance asset management capabilities and alternatives franchise.
The partnership also strengthens Goldman Sachs Asset Management’s position as one of the largest non-affiliated insurance asset managers globally, with over $550bn in assets under supervision, and the acquisition will provide a foundation for further growth in the firm’s European fiduciary management business, building on the success of its platform in the United States and United Kingdom.