Customer service force to be doubled
Goldman Sachs, the renowned American multinational investment bank, is set to strengthen its foothold in Europe with the acquisition of NN Investment Partners (NNIP). This significant transaction in the fund market will see the total managed assets of Goldman Sachs increase to over 2.20 trillion euros.
The acquisition, which has not yet revealed much about NNIP's post-acquisition plans, will also boost Goldman Sachs' presence in Europe, with managed assets in the region exceeding 508.5 billion euros.
Goldman Sachs' head of customer business in Germany, Dennis Lübbcke, will oversee the integration of NNIP into the company. The sales team in Germany, currently consisting of approximately 150 employees, is set to expand significantly with the addition of Oliver Rahe as the new head of retail business in Germany.
Goldman Sachs Asset Management (GSAM), the investment management arm of Goldman Sachs, manages around 1.36 trillion euros of the total managed assets, which stood at approximately 1.95 trillion euros as of June 30, 2021. The second quarter saw an increase of 85.6 billion euros in Goldman Sachs' managed assets, with long-term inflows contributing 18.6 billion euros to this growth.
Both GSAM and NNIP are strong in bonds, but GSAM has fewer mixed funds compared to NNIP. This acquisition will provide GSAM with a broader product offering and a stronger presence in the European market.
The acquisition of NNIP marks another strategic move by Goldman Sachs, as the bank continues to invest specifically to further expand its service for sales partners and keep up with the growth of its investment platform. However, the exact amount of money managed by Goldman Sachs worldwide remains undisclosed.
In terms of the managed assets in Germany, both GSAM and NNIP have not disclosed the figures. The number of customer advisors for banks, fund-of-funds, asset managers, insurers, and financial service providers is expected to double by the end of the year, reflecting Goldman Sachs' commitment to growth in the region.
The acquisition of NN Investment Partners will result in a shrinkage of one player in the fund market, but it is expected to bring about a more diverse and competitive landscape in the European investment sector.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
