The acquired business, which has about $355 billion in assets, dates back almost 175 years.

Goldman Sachs has agreed to buy NN Investment Partners – a firm with about $355 billion in assets – from Netherlands-based NN Group for around €1.6 billion ($1.87 billion). The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory and other approvals and conditions.

Dating back almost 175 years, NN Investment Partners employs more than 900 professionals in 15 countries.

NN Investment Partners’ employees will join Goldman Sachs Asset Management when the deal closes. Goldman Sachs said the Netherlands will become “a significant location in our European business.”

“We believe that NN Investment Partners’ expertise will strengthen our fund management and distribution platform across retail and institutional channels in Europe and support us in delivering long-term value to clients,” the US-listed firm said. 

“NN Investment Partners is highly complementary to Goldman Sachs Asset Management’s existing European footprint and will add new capabilities and accelerate growth in products such as European equity and investment grade credit, sustainable and impact equity, and green bonds,” it said. 

Goldman Sachs said the transaction will take total assets under supervision in Europe to more than $600 billion out of a global total of $2.3 trillion. 

As part of the agreement, Goldman Sachs Asset Management will enter into a long-term strategic partnership agreement with NN Group to manage an approximately $190 billion portfolio of assets.