Goldman Sachs Completes Acquisition of ESG-Focused Asset Manager NN Investment Partners

Leading global financial institution Goldman Sachs Groups, Inc. announced on April 11th the completion of the acquisition of the sustainable investment-focused asset manager NN Investment Partners (NN IP) from NN Group N.V for €1.7 billion. The acquisition was firstly made public in August 2021 and it brings Goldman Sachs’ assets under supervision to $2.8 trillion globally and over $600 billion in Europe. As a result, the firm strengthens its position as a top-five asset manager globally and scales its European business. 

NN Investment Partners will be integrated into Goldman Sachs Asset Management and its 900 employees will join the Goldman Sachs group. The acquired fund is based in the Netherlands, which now becomes a key location in Goldman Sachs’s European business and a center of excellence for sustainable investment in public markets. Accordingly, the combination aims to bring together the best of both organizations to deliver new investment solutions across all asset classes. Therefore, this acquisition enhances Goldman Sachs’ platform and allows it to provide a wider range of products and dedicated services to clients globally.

David Solomon, Chairman and Chief Executive Officer of Goldman Sachs, commented: “This acquisition advances our commitment to put sustainability at the heart of our investment platform. It adds scale to our European client franchise and extends our leadership in insurance asset management.”

NN Investment Partners was part of NN Group N.V., an international financial services company active in 11 countries, and it manages $340 billion in assets for institutions and individual investors worldwide. Additionally, NN IP successfully integrates Environmental, Social and Governance (ESG) factors in its product range, following ESG criteria for about 90% of its assets under supervision. Therefore, NN Investment Partners’ activities are complementary to Goldman Sachs Asset Management’s business, which is already strongly committed to sustainability. New capabilities and products will be added to the current offer, such as European equity, investment-grade credit, sustainable and impact equity, and green bonds. Goldman Sachs aims to leverage the NN Investment Partners’ expertise to complement its investment processes. Moreover, this strategy allows to deepen ESG integration across its product range and address its clients’ sustainable investing priorities. 

Finally, as part of the deal, Goldman Sachs Asset Management signed a long-term strategic partnership agreement with NN Group to manage a portfolio of assets worth about $180 billion, strengthening the firm’s position as one of the largest non-affiliated insurance asset managers globally and enhancing the European fiduciary management business.

SOURCES:

https://www.goldmansachs.com/media-relations/press-releases/2022/announcement-11-apr-2022.html

https://esgnews.it/governance/goldman-sachs-acquisizione-nn-ip/