NN Investment Partners
{{Short description|Dutch Asset Management Firm}}
{{more citations needed|date=September 2017}}
{{notability|1=Companies|date=September 2017}}
{{Infobox company
| name = NN Investment Partners
| type = Division
| image = Utrechtse Baan Haagse Poort.jpg
| image_size = 260px
| image_caption = Haagse Poort in The Hague
| key_people = Co-Chief Executive Officer: Martijn Canisius and Gerald Cartigny. CIO: Valentijn van Nieuwenhuijzen
| industry = Asset Management
| parent = Goldman Sachs
| homepage = [https://web.archive.org/web/20211219052907/https://www.nnip.com/en-INT/professional nnip.com]
| location = The Hague, Netherlands
}}
NN Investment Partners (also known as NN IP) was a Netherlands-based asset manager, with headquarters in The Hague and offices in 15 countries in Europe, Asia and the Americas. The company was acquired by Goldman Sachs Asset Management, the asset management division of Goldman Sachs in April 2022.
NN IP was an active manager for institutional and wholesale investors around the world. It managed €287 billion in assets for clients,{{cite web |title=About NN Investment Partners|url=https://www.nnip.com/en-INT/professional/about|access-date=2019-12-04|language=en}} integrating Environmental, social and corporate governance (ESG) criteria throughout the investment process for the majority of its strategies. NN IP was globally ranked as the 87th biggest asset management firm {{cite web |last1=KennedyJune 2018 |first1=Liam |title=Top 400 Asset Managers 2018: 10 years of asset growth |url=https://www.ipe.com/top-400-asset-managers-2018-10-years-of-asset-growth/10025004.article |website=IPE |language=en}} and the third biggest Dutch asset manager.{{cite web |title=Dutch asset manager tables 2018 |url=https://hub.ipe.com/top-400/dutch-asset-manager-tables-2018/10007225.article |website=Reference Hub |language=en}} NN IP offered its services to pension funds, insurers, family offices, independent financial advisers, banks and private individuals; in addition to managing the assets of the NN Group.
On the 19th of August 2021 NN announced an agreement to sell its asset manager NN Investment Partners (NN IP) to Goldman Sachs Group, Inc. {{Cite web|url=https://www.nn-group.com/article/nn-group-and-goldman-sachs-reach-agreement-on-the-sale-of-nn-ip-.htm|title = NN Group and Goldman Sachs reach agreement on the sale of NN IP|date = 19 August 2021}} which was completed in 2022.
History
The company was created under the name of ING Investment Management in 1994, when parent company NN Group was part of bank and insurance company ING Group. In the aftermath of the 2008 financial crisis, ING was required to divest its insurance activities and the asset management division.{{cite web |title=State aid: Commission approves ING restructuring plan and illiquid asset back-up facility |url=https://ec.europa.eu/commission/presscorner/detail/en/IP_09_1729 |website=European Commission - European Commission |accessdate=19 December 2019 |language=en}} NN Group, the combination of the two businesses, was listed on Euronext Amsterdam in 2014.{{Cite web|url=https://www.cnbc.com/2014/07/02/ing-floats-nn-group-in-europes-biggest-2014-ipo.html|title=ING floats NN Group in Europe's biggest 2014 IPO|last=Kharpal|first=Arjun|website=CNBC |date=2014-07-02|access-date=2017-07-21}} The following year, ING Investment Management was rebranded as NN Investment Partners.{{Cite news|url=http://citywireselector.com/news/ing-investment-management-rebrands-as-nn-investment-partners/a808058|title=ING Investment Management rebrands as NN Investment Partners|work=Citywire Global|access-date=2017-07-21|language=en}}
In 2022 Goldman Sachs Group, Inc acquired NN Investment Partners from NN Group N.V. for €1.7 billion.{{Cite web |title=Goldman Sachs Completes Acquisition of NN Investment Partners |url=https://www.goldmansachs.com/media-relations/press-releases/2022/announcement-11-apr-2022.html |access-date=2022-04-11 |website=Goldman Sachs |date=11 April 2022 |language=en-US}}
On 6 March 2023, the legal entity NN Investment Partners B.V. ceased to exist and was incorporated into Goldman Sachs Asset Management.
Responsible Investment Policy
In 2019, NN IP published its first Responsible Investing Report,{{cite web |title=Responsible Investing Report 2018 |url=https://www.nn-group.com/nn-group/file?uuid=2fb38c2e-d5aa-4ef9-870c-47b05ec88b21&owner=c5df72fd-8a65-4f75-956d-5e37307aa50c&contentid=2898 |publisher=NN Investment Partners |accessdate=19 December 2019}} in which it provides insights into how it integrates environmental, social and governance (ESG) criteria into its investment processes. According to the report a set of ESG criteria is applied to 67% of its total assets under management.
NN IP generally pursues active engagement with potentially controversial companies to help them improve their ESG profiles. One example cited by NN IP is the palm oil industry. Engagements with several large plantation companies have resulted in progress on encouraging them to pursue a more sustainable policy. In 2019, NN IP became a member of the Roundtable on Sustainable Palm Oil (RSPO).{{cite web |title=Dutch investors Robeco, NN IP and Actiam speak out on sustainable palm oil |url=https://www.duurzaam-beleggen.nl/2019/03/05/dutch-investors-robeco-nn-ip-and-actiam-speak-out-on-sustainable-palm-oil/ |website=Duurzaam Financieel |accessdate=19 December 2019 |language=en |date=5 March 2019}}
In a limited number of cases, the company has divested it holdings in sectors deemed detrimental to society and/or the planet. Excluded business activities include adult entertainment, arctic drilling, fur & specialty leather, gambling, nuclear energy, shale oil & gas and weapons.{{cn|date=March 2021}}
Assets under management
- EUR 287 billion (as of 30 September 2019)
- ESG (Environmental, social and corporate governance) criteria are integrated throughout the investment process for EUR 176 billion of assets under management (AuM){{cite web |title=NN Investment Partners integrates stringent ESG criteria in the large majority of its AuM |url=https://www.nnip.com/en-INT/professional/insights/nn-investment-partners-integrates-stringent-esg-criteria-in-the-large-majority-of-its-aum|access-date=2019-12-04|language=en}}
- Sustainable strategies: AuM EUR 17.4 billion
- Impact strategies (with positive contribution to the UN Sustainable Development Goals): AuM EUR 1.9 billion
References
{{Reflist|30em}}