Goldman Sachs Group Inc (GS)

[DiscoverGold]

Goldman Sachs (GS) to Buy Europe's NN Investment Partners for $1.9 Billion
By: TheStreet | August 19, 2021

• Goldman Sachs looks to expand its European presence with latest acquisition.

Goldman Sachs Group (GS) said Thursday it agreed to buy European asset manager NN Investment Partners from NN Group N.V. for about $1.9 billion.

Based in the Hague, Netherlands, NN Investment Partners has about $355 billion in assets under supervision and roughly $70 billion in assets under advice.

The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory and other approvals and conditions.

The company has more than 900 employees in 15 countries and they will join Goldman Sachs Asset Management following the closing of the transaction.

Goldman Sachs said that NN Investment Partners is "highly complementary" to Goldman Sachs Asset Management’s existing European footprint and will add new capabilities and accelerate growth in products such as European equity and investment grade credit, sustainable and impact equity, and green bonds.

Goldman Sachs said it has $2.3 trillion in assets under supervision globally, and the transaction will bring assets under supervision in Europe to over $600 billion.

As part of the agreement, Goldman Sachs Asset Management will enter into a long-term strategic partnership agreement with NN Group to manage about $190 billion portfolio of assets.

The partnership will establish the firm as the largest non-affiliated insurance asset manager globally, with over $550 billion in assets under supervision.

"NN Investment Partners offers a leading European client franchise and an extension of our strength in insurance asset management," David Solomon, Goldman's chairman and CEO, said in a statement. "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."

Goldman Sachs shares were down 1.1% to $394.50 in premarket trading.

Read Full Story »»»

DiscoverGold