Goldman Sachs Completes $1.9 Billion Acquisition of ESG-Focused Asset Manager NN Investment Partners
Leading global investment banking, securities, and investment management firm Goldman Sachs announced today that it has completed the €1.7 billion acquisition of Netherlands-based sustainable investment-focused asset manager NN Investment Partners (NN IP) from financial services company NN Group N.V.
According to Goldman, NN IP has integrated ESG criteria into approximately 90% of its assets under supervision, and the firm aims to leverage NN IP’s expertise in order to deepen its own ESG integration and address its clients’ sustainable investing priorities.
David Solomon, Chairman and Chief Executive Officer of Goldman Sachs, said:
“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. We are excited to welcome the talented team at NN Investment Partners, a center of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders.”
The acquisition, initially announced in August 2021, will see NN IP’s more than 900 employees joining Goldman Sachs Asset Management, and brings Goldman’s assets under supervision in Europe to over $600 billion, and to approximately $2.8 trillion globally.
In a statement announcing the completion of the transaction, NN IP said:
“Sustainable investing remains at the heart of our business. NN IP’s existing center of excellence in sustainability based in The Netherlands will be leveraged across the investment organization of Goldman Sachs Asset Management to support portfolio management teams globally. In line with Goldman Sachs Asset Management’s ambition, NN IP’s expertise in sustainable investing and ESG integration will be leveraged over time to complement existing investment processes and deepen sustainable investment practices across strategies.”