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Goldman Sachs Buying Corporate Retirement Plan Robo-advisor NextCapital

Goldman Sachs has agreed to acquire NextCapital, a Chicago-based fintech firm that provides automated advice to corporate retirement plan participants. The bank said in a release that the deal, the terms of which were not disclosed, will be completed in the second half of this year. The acquisition ranks among the top five asset management deals Goldman has done, according to the Financial Times. Goldman and rivals are jockeying to deepen relationships with key cohorts like corporate employees and diversify revenue by bulking up in money management, which is typically a steadier revenue source than trading and other Wall Street activities. NextCapital was founded in 2014 and most recently raised venture funds in 2020, when it said it had a total of $85 million in funding.

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