Goldman Sachs has entered into an agreement to acquire European asset manager NN Investment Partners from NN Group NV for approximately € 1.6 billion. The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory and other approvals and conditions.
NN Investment Partners, which is headquartered in The Hague in the Netherlands, has approximately $ 355 billion in assets under management and approximately $ 70 billion in consulting. As part of the agreement, Goldman Sachs Asset Management will enter into a long-term strategic partnership agreement with the NN Group to manage an approximately $ 190 billion portfolio of assets.
The partnership creates the largest unaffiliated insurance asset manager globally, with over $ 550 billion in assets under management. This acquisition allows us to accelerate our growth strategy and expand our wealth management platform, said David Solomon, president and CEO of Goldman Sachs.