Goldman Sachs to buy European asset manager for €1.6bn

Goldman Sachs to buy European asset manager for €1.6bn

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Goldman Sachs’ asset management unit has agreed to buy Dutch insurer NN Group’s investment management arm for about €1.6bn, marking the Wall Street bank’s largest acquisition since David Solomon became chief executive in 2018.

The deal for NN Investment Partners, which has $355bn of assets under management, will significantly expand Goldman’s presence in European asset management and is the latest example of the consolidation that is sweeping across the industry.

It is also a further sign of Solomon’s determination to grow the US bank in areas that earn regular fees, such as asset and wealth management while reducing its reliance on volatile businesses like equities and bond trading.

Solomon told the Financial Times that the acquisition “helps us scale our asset management platform, particularly by strengthening our position in Europe”.

Goldman Sachs Asset Management, which has $2.3tn in assets under supervision, beat Frankfurt-based asset manager DWS in the final round of bidding to clinch NN Investment Partners. UBS Asset Management, Janus Henderson and US insurer Prudential Financial had also registered interest. 

“Everything that NN does, we already do, and this is adding and accelerating our growth . . . and continues to help