Goldman Sachs has launched its assets under management north of $3 trillion, after taking over a Dutch investment firm.
The Wall Street giant has snapped up NN Investment Partners from the NN Group for €1.7bn (£1.4bn).
As part of the transaction, Goldman Sachs Asset Management will manage an around $180bn (£138bn) portfolio of assets for the NN Group.
More than 900 NN Partners employees, based in the Netherlands, will join Goldman Sachs under the takeover.
The deal, which will take Goldman’s European assets to over $600bn (£460bn), will also see the US banking heavyweight strengthen its European equity and investment grade credit, sustainable and impact equity, and green bond offerings.
Goldman Sachs CEO and chairman David Solomon said the acquisition is set to “scale” its European client franchise.
“We are excited to welcome the talented team at NN Investment Partners, a centre of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders,” he said in a statement.
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