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. Netherlands-based NN Investment Partners has $355bn in assets under the supervision and approximately $70bn in assets under advice.
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.
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.”
