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Goldman Sachs, the renowned global investment bank, has announced its acquisition of NN Investment Partners, the asset management arm of insurer Nationale-Nederlanden, for approximately €1.6 billion. This significant deal is a strategic move for both companies, reflecting their commitment to responsible investing and expanding their asset management platforms.

The acquisition is set to close in the first quarter of 2022, and Goldman Sachs will take over the management of NN Investment Partners' assets, amounting to around €355 billion. This marks a substantial expansion for Goldman Sachs' asset management business.

NN Investment Partners has integrated sustainability into its offerings, a factor that was attractive to Goldman Sachs. This commitment to responsible investing aligns with Goldman Sachs' own focus on sustainability and environmental, social, and governance (ESG) issues.

David Solomon, the CEO of Goldman Sachs, stated that the acquisition allows for the acceleration of their growth strategy and expansion of their asset management platform. He also mentioned that it brings together two international asset managers with decades of investment experience.

David Knibbe, the CEO of NN, shared similar sentiments, mentioning that the transaction brings together two companies with a shared commitment to responsible investing and a strong track record in asset management.

The acquisition provides NN Group with more opportunities to develop a broader range of asset management offerings for its clients. NN plans to use the fresh capital from the sale for its own investments and to increase dividends to shareholders.

This is the largest acquisition under the leadership of David Solomon, who has been heading Goldman Sachs since October 1, 2018. His predecessor was Lloyd Blankfein.

The acquisition is a part of Goldman Sachs' growth strategy to expand their asset management platform. The deal is expected to contribute positively to Goldman Sachs' earnings and help them compete more effectively in the asset management industry.

A significant portion of the assets come from the insurance sales of Nationale-Nederlanden, providing Goldman Sachs with a diverse and stable client base. This deal is expected to be beneficial for both parties, as Goldman Sachs gains a strong asset management arm and NN Group receives fresh capital and opportunities for growth.