Goldman Sachs Group has agreed to buy the money-management operation of Dutch insurer NN Group for about $1.9bn (€1.6bn).
The transaction is expected to close by the end of the first quarter of next year, subject to regulatory approvals.
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Netherlands-based NN Investment Partners has $355bn in assets under the supervision and approximately $70bn in assets under advice.
The firm offers a range of equity and fixed income products, with Environmental, Social, and Governance (ESG) integration across its business.
It has over 900 professionals in 15 countries and brings together the use of data and technology with fundamental analysis in its investment processes.
Deal Rationale
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By GlobalDataThe deal is said to be highly complementary to Goldman Sachs Asset Management’s current European footprint.
It will add new capabilities and accelerate growth in products such as European equity and investment grade credit, sustainable and impact equity, and green bonds.
Furthermore, NN Investment Partners will strengthen Goldman’s fund management and distribution platform across retail and institutional channels in Europe.
The acquisition is also set a foundation for further growth in Goldman’s European fiduciary management business, building on the success of its platform in the US and the UK.
Under the agreement, employees of NN Investment Partners will join Goldman Sachs Asset Management following the closing of the transaction.
As part of the agreement, Goldman Sachs Asset Management will enter into a long-term strategic partnership agreement with NN Group to manage an around $190bn portfolio of assets.
The partnership is expected to establish the firm as the largest non-affiliated insurance asset manager globally.
It will have over $550bn in assets under supervision.
Comments
Goldman Sachs chairman and CEO David Solomon 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.”
NN Group CEO David Knibbe said: “We have found a strong and professional partner in Goldman Sachs, providing an environment in which our NN Investment Partners colleagues can continue to thrive, while the combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group.
“This transaction will also give NN Group greater optionality to develop a broader range of asset management propositions for our customers,” Knibbe added.
