The previously announced acquisition of NN Investment Partners (NN IP) from NN Group N.V. by Goldman Sachs Group has been completed.
The acquisition helps Goldman Sachs achieve its goal of expanding its European presence, with the Netherlands, where NN IP is based, becoming a key location and a center of excellence for long-term investing in public markets.
The 900 employees of NN IP will join Goldman Sachs Asset Management as part of the integration process (GSAM).
"This acquisition advances our commitment to put sustainability at the heart of our investment platform," said David Solomon, chairman and CEO of Goldman Sachs. "It adds scale to our European client franchise and extends our leadership in insurance asset management."
"We are excited to welcome the talented team at NN Investment Partners, a centre of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders."
The agreement, which was first announced in August 2021, increased Goldman Sachs' total assets under management to $2.8 trillion.
Furthermore, Europe's assets under management have surpassed $600 billion.
NN IP will strengthen GSAM's existing European presence by adding new capabilities and accelerating product development in areas like European equity and investment grade credit, sustainable and impact equity, and green bonds.
GSAM intends to use NN IP's ESG expertise to improve ESG integration across its product line and meet clients' long-term investment goals.
By fLEXI tEAM