(RTTNews) - The Goldman Sachs Group, Inc. (GS) has agreed to acquire NN Investment Partners, an European asset manager based in The Hague, Netherlands, from NN Group N.V. (NNGPF.PK) for approximately 1.6 billion euros. Goldman Sachs said the partnership will establish the firm as the largest non-affiliated insurance asset manager globally, with over $550 billion in assets under supervision.

NN Investment Partners is the asset manager of NN Group N.V. It manages approximately $355 billion in assets for institutions and individual investors worldwide. NN Investment Partners employees will join Goldman Sachs Asset Management.

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

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