Goldman Sachs Group Inc. is buying retirement-advisory firm NextCapital Group as its expands its asset-management services.
NextCapital's platform will allow Goldman Sachs Asset Management to augment its advisory services in the defined-contribution retirement plans through personalized managed accounts and digital advice, the New York-based bank said Tuesday in a statement.
Terms of the deal, which is expected to be completed in the second half of the year, weren't 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 Chief Executive Officer David Solomon said in the statement.
Goldman's asset-management unit manages about $350 billion for defined-benefit and defined-contribution plans, which include accounts like 401(k) and 403(b) plans.
NextCapital will become part of Goldman's multi-asset solutions business, which is led by Greg Calnon and has about $220 billion under supervision.
NextCapital will remain headquartered in Chicago.
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