Global investment bank providing securities and investment management services Goldman Sachs Inc. (GS) is set to acquire the asset management unit of Dutch based insurer NNIP Group in a deal worth $1.98 billion.
This deal will go down as the biggest acquisition deal ever since the current chief executive officer of the bank, David Solomon assumed the lead role in 2018.
This acquisition comes as part of the chief executive’s wider plan to reduce the bank’s revenue stream dependence on proceeds from trading and advertising activities. The CEO is also aiming to increase the bank’s wealth management portfolio and also expand its coverage outside United States.
“This acquisition allows us to accelerate our growth strategy and broaden our asset management platform,” said the CEO.
Currently NNIP Investment partners have assets worth around $335 billon under its management and the acquisition deal will double assets under Goldman Sachs’ management in Europe to over $600 billion.
“The combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group,” said the CEO of NNIP.