The cherry on top is a 10-year contract to manage assets for NN itself. If fund management is more stable than investment banking, running assets for an insurer is even better. The value here may not be so much in the quantum of the portfolios taken on, but in the stickiness attached to them. In turn, the deal reinforces Goldman Sachs Asset Management’s status as a key adviser to insurers and pension funds managing their liabilities. Adding heft in environmental, social and governance investing, and obtaining a platform for potential expansion in retail asset management, are further bonuses.

Source: Washington Post August 19, 2021 13:41 UTC