Goldman Sachs agreed to buy the Dutch insurer NN Group’s investment management arm in the bank’s largest acquisition under David Solomon, who became CEO in 2018. The Hague-based NN Investment Partners has $355 billion AUM, of which $190 million is managed on behalf of its parent company.  

Goldman chief Solomon stated the acquisition will assist the bank in scaling their asset management platform through strengthening their European position. “Being a partner with the NN Group on their insurance assets going forward was an attractive opportunity for us,” said Solomon, “Everything that NN does, we already do, and this is adding and accelerating our growth . . . and continues to help us scale.” 

NN Investment Partners is strong in ESG investing, another motivation for the deal, as, according to Solomon, “We’re focused on responding to our clients’ needs and desires around ESG.” 

The bank beat out DWS in the final bidding round, while UBS Asset Management, Prudential Financial, and Janus Henderson also showed interest in the transaction.  

Last year, the NN Group was pressured by activist hedge fund Elliott Management to streamline operations and increase returns. In April, the group said it was considering options for its investment management arm, including a merger, joint venture, or partial divestment.  

Source: https://www.ft.com/content/dd064398-2030-4260-84e3-f442d42cd2d1