Goldman Sachs Group has finalised its acquisition of Netherlands-based asset manager NN Investment Partners for $1.9bn (€1.7bn).

Announced in August last year, the deal expands the US-based private bank’s asset management footprint in Europe and strengthens its sustainable investment capabilities.

The acquired entity, which has over 900 employees, will be folded into Goldman Sachs Asset Management (GSAM).

The transaction increases Goldman Sachs’ assets under supervision to approximately $2.8trn and brings its assets under supervision in Europe to over $600bn.

Goldman Sachs chairman and CEO David Solomon said: “This acquisition advances our commitment to put sustainability at the heart of our investment platform. It adds scale to our European client franchise and extends our leadership in insurance asset management.

“We are excited to welcome the talented team at NN Investment Partners, a centre of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders.”

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As part of the deal, GSAM signed a long-term strategic partnership agreement with NN Group to manage about $180bn in portfolio of assets.

With this partnership, the unit’s assets under supervision increases to over $550bn, further fortifying its presence in the non-affiliated insurance asset management space.

The acquisition is also expected to drive growth in the firm’s European fiduciary management business.

Last month, GSAM struck a deal to buy NextCapital Group to accelerate its expansion in services to the growing defined contribution market through personalised managed accounts and digital advice.

The same month, a report by Sky News said that the bank is in talks to buy a pick in UK-based financial advice platform Nucleus.