Goldman Sachs is expanding its wealth management business in Europe with the acquisition of Dutch company NN Investment Partners for $1.7 billion. Bank of Wall Street has announced that the company of more than 900 employees, which belongs to the insurance group NN Group, will be merged into the asset management division of Goldman Sachs.
The acquisition will increase Goldman Sachs’ assets under management to approximately $2.8 trillion. Assets under management in Europe increased to more than $600 billion. With the acquisition, the Netherlands will become an important location in Goldman Sachs’ European business.
With the acquisition, the US investment bank intends to drive growth in business with European stocks and investment grade bonds especially with sustainable financial investment products and “green” bonds. “This acquisition underscores our commitment to putting sustainability at the heart of our investment platform,” said David Salomon, CEO of Goldman Sachs. The business of European clients will be expanded and the leadership position in insurance asset management will be strengthened. The agreement also includes a long-term partnership with NN Group. A portfolio of approximately $180 billion in assets will be managed as part of this agreement.
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