Alternative Investments/ESG: Goldman Sachs To Acquire ESG-Focused NN Investment Partners

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The Wall Street investment bank will pay €1.6 billion ($1.9 billion) for the all-cash transaction.

Goldman Sachs (NYSE: GS) has agreed to buy all of NN Investment Partners, a Netherlands-based asset manager with $355 billion in assets under management and about $70 billion in assets under advisement. NN Investment Partners is the money management arm of Dutch insurer NN Group NV (AEX: NN) and 75% of its assets under supervision are ESG integrated. (UK Today News)

The transaction is expected to close by the first quarter of the next year. Goldman Sachs’ asset management arm will become a significant player in Europe, and under the terms of the agreement, it will continue to provide asset management services to NN Group’s approximately $190 billion portfolio of assets.

Employees of NN Investment Partners, which number about 900 across 15 countries, will join Goldman Sachs Asset Management once the deal is consummated.

“NN Investment Partners is highly complementary to Goldman Sachs Asset Management’s existing European footprint and will add new capabilities and accelerate growth in products such as European equity and investment-grade credit, sustainable and impact equity, and green bonds,” Goldman Sachs said in a statement.

NN Investment Partners: Focus on sustainability

“Across NN Investment Partners’ offerings they have been successful in integrating sustainability which mirrors our own level of ambition to put responsible investing and stewardship at the heart of our business,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs.

“Our approach and ambitions around ESG will remain unchanged and Goldman Sachs shares our commitment to responsible investing,” said David Knibbe, Chief Executive Officer of NN Group.

Dealmaking in fund management

Earlier this year Amundi purchased Lyxor for €825m, and Ameriprise Financial, the parent company of Columbia Threadneedle, announced in April its purchase of the European asset management business of BMO Financial Group for £615m.

Goldman Sachs’ deal follows media reports in July that the NN Group had been reviewing strategic options for NN Investment Partners since April, and that Goldman Sachs and DWS were preparing to make offers.

Related Story:   Goldman Sachs Launches Active, Climate-Focused ETF

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