Customer support staff count to be doubled.
In a significant move that is set to shake up the fund market, Goldman Sachs Asset Management (GSAM) and NN Investment Partners (NNIP) have announced a major transaction. The acquisition of NNIP by Goldman Sachs is expected to result in one fewer player in the market.
The managed assets of Goldman Sachs worldwide are over €2.20 trillion as of June 30, 2021. In Germany, the company manages over €508.5 billion. With the acquisition of NNIP, these figures are set to grow significantly. However, the exact amount of money that both companies manage in Germany remains undisclosed.
The head of client business in Germany for Goldman Sachs is Dennis Lübbcke. In a related development, Oliver Rahe has joined as the new head of retail business in Germany. The sales team in Germany covers retail, institutional clients, and insurance. The team is being significantly expanded, with several new additions expected in the coming months.
Both Goldman Sachs Asset Management and NN Investment Partners have a strong focus on bonds. However, GSAM has limited offerings in mixed funds (multi-asset), an area where NNIP excels. This complementary focus is expected to strengthen the combined entity's product range, which is set to significantly increase in size due to the acquisition.
The investment platform in Germany includes retail funds, ETFs, and private market funds such as private equity, private credit, or real estate and infrastructure. Resources and product range will see a substantial boost following the acquisition.
Goldman Sachs primarily focuses on the American market, while NN Investment Partners primarily focuses on the European market. This geographical complementarity is expected to provide a strategic advantage for the combined entity.
However, neither Goldman Sachs Asset Management nor NN Investment Partners have revealed their plans following the acquisition. The market eagerly awaits more details about how this merger will shape the future of the fund market.
The acquisition of NN Investment Partners by Goldman Sachs results in one fewer player in the market. It remains to be seen how this consolidation will impact the competitive landscape. The number of client managers for banks, fund-of-funds, asset managers, insurers, and financial service providers is expected to double by the end of the year.
As the details of this major transaction continue to unfold, one thing is certain: the fund market is set for an exciting period of change and growth.
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