Deal comes as chief executive David Solomon tries to expand in steadier streams of income
Goldman Sachs is buying NextCapital, a robo-adviser that specialises in workplace pensions, as part of chief executive David Solomon’s push into businesses with steadier income streams including asset and wealth management.
Goldman Sachs Asset Management is already one of the world’s biggest providers of “outsourced chief investment officer” services to pension plans, insurers and other asset managers. It has $350bn in pension plan assets under supervision.
More than 1,200 transactions involving asset managers took place in 2021, a record, with $69bn worth deals agreed, the second-highest dollar amount in history, according to Refinitiv data. Last year, Morgan Stanley completed its acquisition of Eaton Vance for $7bn after beating JPMorgan Chase in a competitive bidding war, while T Rowe Price bought credit manager Oak Hill Advisors for up to $4.2bn.
Read more: FT
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.