Goldman and rivals including Morgan Stanley and JPMorgan Chase have amped up their acquisitions in both fintech and asset management in recent years.
Goldman Sachs has agreed to acquire NextCapital, a Chicago-based fintech firm that provides automated advice to corporate retirement plan participants.
The bank said Tuesday in a release that the deal, the terms of which were not disclosed, will be completed in the second half of this year. The acquisition ranks among the top five asset management deals New York-based Goldman has done, according to the Financial Times. Goldman and rivals are jockeying to deepen relationships with key cohorts like corporate employees and diversify revenue by bulking up in money management, which is typically a steadier revenue source than trading and other Wall Street activities.
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