Goldman Sachs Asset Management will absorb NN Investment Partners, which was previously part of the NN Group (NN.AS) (GSAM). The purchase of the firm, which employs over 900 people, raises Goldman’s total assets under management to nearly 2.8 trillion dollars.
Goldman Sachs (GS.N) has paid 1.7 billion euros ($1.9 billion) for NN Investment Partners, a Dutch asset manager, in order to extend its asset management footprint in Europe and improve its sustainable investment skills.
Goldman Sachs’ purchase of NN Investment Partners, based in The Hague, is part of the firm’s strategy to expand its European operations. The company plans to increase sales of European equity and investment-grade credit, as well as sustainable investments and “green” bonds.
It will also assist GSAM in integrating environmental, social, and governance (ESG) ideals more deeply into its operations.
“This acquisition furthers our goal of putting sustainability at the center of our investment platform. It expands our European client franchise and strengthens our position as a leader in insurance asset management “Goldman Sachs’ chairman and chief executive, David Solomon, stated on Monday.
Solomon wants to diversify the bank’s earnings so that it may focus on more predictable areas like consumer banking, wealth management, and asset management.
GSAM has formed a long-term strategic collaboration with NN Group to manage an asset portfolio worth roughly 180 billion dollars as part of the deal.