Goldman Sachs to Buy Dutch Asset Manager NNIP

Goldman Sachs said it will buy Dutch insurer NN Group's asset management arm for around 1.7 billion euros ($1.98 billion) in the biggest acquisition by the U.S. company since David Solomon became chief executive in 2018. According to a story in Reuters news, 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. NNIP, or NN Investment Partners, has $335 billion in assets under management, and the acquisition will double the total that Goldman Sachs manages in Europe to more than $600 billion. Goldman said NNIP's 900 employees will join GS and the Netherlands will become "a significant location" in its European business.