Goldman Sachs Group says it will move quickly to expand its services for workplace retirement plans and individual retirement accounts now that it has acquired NextCapital Group.
The global financial institution announced August 29 that it completed the acquisition of NextCapital, an open-architecture digital retirement advice provider based in Chicago. Next Capital’s clients include asset managers and plan sponsors across the United States.
NextCapital’s platform will become part of Goldman Sachs Asset Management’s Multi-Asset Solutions (MAS) business. The company’s team of more than 150 professionals has joined Goldman Sachs.
In the current environment, retirement savers face increased volatility and higher inflation that affect returns, Luke Sarsfield, co-head of Goldman Sachs Asset Management, noted in a press release.
“Many investors want personalized planning and managed account solutions that can recalibrate asset allocations and contribution strategies to reflect changing markets and participant circumstances over time,” he added. “We look forward to combining our expertise and resources with NextCapital in the [defined contribution] market as we seek to improve future plan design and participant outcomes.”
