Owners
NN Investment Partners is an investor asset manager in the Netherlands with headquarters in The Hague and offices in 15 countries in Europe, Asia and the United States (by August 2021). The company, founded in 1994, is a subsidiary of the NN Group, the largest Dutch life insurer. NNIP is an active manager for institutional and wholesale investors worldwide.
History
2021: Goldman Sachs bought NNIP for 1.6 billion euros
On August 19, 2021, Goldman Sachs Bank announced the purchase of NNIP for 1.6 billion euros. According to Bloomberg, the deal was part of a strategy aimed at making the bank's revenue stream less dependent on the income of global markets and advising on transactions. The purchase will be the largest acquisition of an American firm by Goldman Sachs since David Solomon became chief executive officer in 2018.
Assets managed by NN Investment Partners (NNIP) amount to $335 billion and the acquisition will double the total amount that Goldman Sachs manages in Europe to more than $600 billion. Goldman Sachs said that 900 NNIP employees will join the company, and the Netherlands itself will become an important place in its European business.
In addition, the two companies will enter into a ten-year strategic partnership, under which Goldman Sachs will provide asset management services to the NN Group for an investment portfolio of $190 billion.
 | The combined experience and scope of investment activities will improve the quality of services provided to NN Investment Partners clients, "said NN Group CEO David Knibbe. |  |
NN Group said the sale of NNIP will improve its solvency ratio from 2 by 17%, and additional capital will be used for new acquisitions or additional income to shareholders.
The investment unit of NN Group was put up for sale after a strategic review in April 2021, companies such as UBS Asset Management, Assicurazioni Generali SpA and Allianz SE have already shown interest in it. The deal comes after one of Elliott Management's investors pressured the Dutch insurance company to increase the stock value for shareholders.[1]
Notes
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