The Hague, Netherlands-based NN Investment Partners dates back almost 175 years and employs more than 900 individuals in 15 countries. It has about $355 billion in assets under the supervision and approximately $70 billion in assets under advice. In a press release published on August 19, Goldman Sachs said that employees of NN Investment Partners will join its own once the transaction is completed.
Netherlands becoming a significant location for Goldman Sachs’ European business
Goldman Sachs’ acquisition of the Dutch firm comes as The Netherlands becomes a significant location for the New York-based investment bank’s European business. The firm said that it can benefit from NN Investment Partners’ expertise, which can help boost its fund management and distribution platform across retail and institutional channels in Europe. The bank adds that the merger will bring its assets under supervision in Europe to over $600 billion. Goldman Sachs currently supervises $2.3 trillion worth of assets worldwide. Part of the agreement will have Goldman Sachs Asset Management entering into a long-term strategic partnership agreement with NN Group to manage about $190 billion worth of assets.
Biggest acquisition since Goldman Sachs CEO David Solomon took office
Goldman Sachs anticipates that the partnership will establish it as the largest non-affiliated insurance asset manager worldwide with over $550 billion in assets under supervision. The transaction is Goldman Sachs’ biggest acquisition since Solomon became the firm’s CEO in 2018. [robinhood]
