The transaction is expected to close in the second half of 2022, subject to regulatory approval and other closing conditions. Financial terms of the deal were not disclosed.
"This acquisition furthers our strategic objective of building compelling client solutions in asset management and accelerating our investment in technology to serve the growing defined contribution market," Goldman Sachs chairman and CEO David Solomon said in a statement. The deal will give Goldman's multi-asset solutions business a new tool for sponsors and clients to consider when building a retirement plan.
"Employers are looking to provide their employees tailored solutions and customizable advice that can better support individual saving and investing needs to help improve retirement savings outcomes," Luke Sarsfield, co-head of Goldman Sachs Asset Management, said in a statement. "We believe personalization represents the future of retirement savings and will drive the next wave of innovative retirement solutions.
NextCapital CEO John Patterson said that the deal will allow the platform to expand to new clients and leverage resources from a global financial services firm. NextCapital, which was founded in 2014, hasThe logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange in New York City, New York, U.S., Nov. 17, 2021.
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