The flags of ING Bank and insurance coverage firm Nationale Nederlanden (NN) wave in entrance of the ING head places of work in Amsterdam, Netherlands.

Michel Porro | Getty Images

Dutch insurer NN Group mentioned on Thursday Goldman Sachs will buy NNIP, its asset administration arm, for 1.7 billion euros ($1.98 billion) within the greatest acquisition by the American agency since David Solomon turned chief government in 2018.

The deal is a part of Solomon’s technique to make the financial institution’s income stream much less reliant on earnings from world markets and advising on offers.

“This acquisition allows us to accelerate our growth strategy and broaden our asset management platform,” Solomon mentioned in an announcement.

NNIP, or NN Investment Partners, has $335 billion in property beneath administration, and the acquisition will double the entire that Goldman Sachs manages in Europe to greater than $600 billion.

Goldman mentioned NNIP’s 900 staff will be a part of GS and the Netherlands will grow to be “a significant location” in its European enterprise.

Additionally, the 2 firms will enter a 10-year strategic partnership beneath which Goldman will present asset administration companies to NN Group on an funding portfolio of $190 billion, the businesses mentioned.

“The combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group,” mentioned NN CEO David Knibbe.

NN mentioned the sale of NNIP will enhance its Solvency II ratio by 17 share factors and further capital could be used for acquisitions or further returns to shareholders.

The Dutch agency’s asset administration arm had additionally attracted curiosity from different insurers and asset managers, together with UBS, Germany’s DWS and U.S. title Nuveen, Reuters reported in June.


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