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In a significant move for Goldman Sachs under CEO David Solomon, the multinational investment bank has announced the acquisition of NN Investment Partners (NNIP) for approximately €1.6 billion. The deal, expected to close in the first quarter of 2022, marks the largest acquisition under Solomon's tenure, which began on October 1, 2018.

NNIP, previously part of NN Group where David Knibbe served as CEO until the transfer was completed in Q1 2022, manages €355 billion in assets. A substantial portion of these assets come from the insurance sales of its parent company, Nationale-Nederlanden (NN).

David Knibbe, in a statement, expressed that the transaction will bring together two international asset managers with decades of investment experience. He also mentioned that the acquisition will provide the NN Group with more opportunities to develop a broader range of asset management offerings for their clients.

Solomon, in his statement, emphasised that the acquisition of NN Investment Partners will accelerate their growth strategy and expand their asset management platform. He also highlighted NNIP's successful integration of sustainability into its offerings, reflecting Goldman Sachs' own commitment to responsible investing.

Following the acquisition, Goldman Sachs will manage the €355 billion previously held by NNIP. The proceeds from the sale will be used by NN for its own investments and to increase dividends to shareholders.

This acquisition is significant for Goldman Sachs under Solomon's leadership, as it continues to position the bank as a major player in the asset management industry. The deal underscores Goldman Sachs' ongoing focus on strategic growth and its commitment to delivering value to its clients and shareholders.