Investment management giant Goldman Sachs is set to acquire NextCapital, a Chicago retirement FinTech, the two companies said in a news release Tuesday (March 29).
The deal, set to close in the second half of the year “will accelerate the expansion of Goldman Sachs’ services to the growing defined contribution market through personalized managed accounts and digital advice,” the news release said.
While terms of the deal were not released, the Financial Times says it is among the top five asset-management transactions Goldman has done. The leading investment bank has greatly expanded its portfolio in recent years, topping M&A lists in 2021 with investments including a cloud-based software for data management, analytics and security services deal with retail behemoth Amazon Web Services in November.
NextCapital works with financial institutions to provide retirement planning and managed accounts through workplace retirement programs and individual retirement accounts (IRAs), providing solutions for customers wishing for tax-advantageous ways of safe-keeping their earnings.
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