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
