Goldman Sachs to acquire digital-advisor NextCapital

Goldman Sachs Asset Management has entered into an agreement to acquire NextCapital, a Chicago-based robo-advisor, as part of its expansion into asset and wealth management.

NextCapital is an open-architecture digital retirement advice provider that partners with financial institutions across the US to deliver personalised, customisable retirement planning and managed accounts through workplace retirement plans and individual retirement accounts (IRAs).

Goldman Sachs said the acquisition will augment its existing capabilities throughout its asset and wealth management businesses, provider another tool for sponsors and other clients to consider when constructing a retirement programme.

Luke Sarsfield, co-head of Goldman Sachs Asset Management, said, “Employers are looking to provide their employees tailored solutions and customisable advice that can better support individual saving and investing needs to help improve retirement savings outcomes.

“We believe personalisation represents the future of retirement savings and will drive the next wave of innovative retirement solutions.”

The transaction is expected to close in the second half of 2022, subject to regulatory and other approvals and conditions.

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