Goldman Sachs is set to buy Dutch insurance group NN’s asset management division for some €1.7bn – the Wall Street giant’s biggest acquisition since 2018.

The deal for asset management arm NN Investment Partners (NNIP) forms part of Goldman Sachs boss David Solomon’s strategy to make the bank’s revenues less reliant on global markets and deal advisory earnings.

“This acquisition allows us to accelerate our growth strategy and broaden our asset management platform,” Solomon said in a statement.

NNIP, which has $335bn in assets under management, will double Goldman Sachs total managed European assets to more than an eyewatering $600bn.

Some 900 NNIP employees will join Goldman – with the Netherlands earmarked to become its European business hotspot.  

Goldman will in turn provide asset management services to the NN group on an investment portfolio worth $190bn, as part of their decade long partnership agreement.

“The combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group,” NN boss David Knibbe explained.