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Goldman Sachs to buy Dutch asset manager NNIP for around $2 BLN

Goldman Sachs to buy Dutch asset manager NNIP for around $2 BLN

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Global Business Review Magazine
Saturday, April 1, 2023
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Goldman Sachs to buy Dutch asset manager NNIP for around $2 BLN

Goldman Sachs to buy Dutch asset manager NNIP for around $2 BLN

Goldman Sachs said that it will buy Dutch insurer NN Group’s asset management arm for 1.7 billion euros ($1.98 billion) in the biggest acquisition by the U.S. company since David Solomon became chief executive in 2018. The deal is part of Solomon’s strategy to make the bank’s revenue stream less reliant on earnings from trading and advising on deals. The Wall Street firm wants to bulk up in areas like wealth management and expand its presence in regions outside the United States.

Solomon gave a statement that this acquisition allows them to accelerate their growth strategy and broaden their asset management platform. NNIP, or NN Investment Partners, has $335 billion in assets under management. Goldman said NNIP’s 900 employees will join GS and the Netherlands will become a significant location in its European business. Goldman is the latest major financial firm to bulk up operations in the Netherlands in the wake of Britain’s departure from the European Union.

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As part of the deal, NN Group, the Netherlands’ biggest insurer, has committed to leave its $190 billion portfolio of insurance assets under NNIP management after it joins Goldman. NN CEO David Knibbe said that the combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group. NN said the sale of NNIP will improve its Solvency II ratio by 17 percentage points, from 209% at the end of June. Credit Suisse in a comment on the deal stated that given the company’s already strong capital position which is sufficient to fund its organic growth opportunities, and the lack of obvious M&A targets, the potential for significant excess capital returns in the coming years is apparent. It said that the price Goldman paid was slightly higher than expected. The Dutch firm’s asset management arm had also attracted interest from other insurers and asset managers.

Tags: Asset ManagementGoldman SachsMergers & Acquisitions
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BYD, a Chinese EV manufacturer, approaches the United States with caution

BYD, a Chinese EV manufacturer, approaches the United States with caution

BOJ resists market expectations for policy changes, pushing the currency down

BOJ resists market expectations for policy changes, pushing the currency down

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • BYD, a Chinese EV manufacturer, approaches the United States with caution
  • BOJ resists market expectations for policy changes, pushing the currency down
  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip

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