Goldman Sachs is reportedly planning to expand its workforce by 40% in Nordic region as it seeks to grab a bigger share of the asset management and investment banking service in the region.
Goldman’s European pension and insurance strategies unit head Peter Hermann told Bloomberg that the expansion will add about 70 people across the bank’s offices in Copenhagen and Stockholm by the year-end.
The hiring round follows ‘a global strategy to move closer to our clients,’ Hermann told the news agency in an interview.
The Nordic savings industry is said to be amongst the world’s largest per capita. The growing wealth in the region has caught the attention of other Wall Street lenders as well.
Recently, Citigroup swooped on Nordea Bank Abp’s sub-custody services operations to bolster its scale in the market.
According to Goldman Nordic region asset management head Thomas Konig, the company is focusing on pension and insurance companies to build its business in the region.
Konig was quoted as saying: “In the Nordics, especially, you’ll see pensions, insurance, wealth management, asset management blending in together.
“For us, it’s a clear country strategy that everything that is relevant in Denmark we will cover from this office.”
The company will seek to collaborate on investments into alternative assets, including infrastructure and real estate.
Konig also added that the company is expanding its approach to such deals.
In addition to large banks and distribution platforms, Goldman is looking to partner with smaller investors, mid-sized investors.
Currently, pension funds and life insurers in Denmark routinely invest in alternative assets, partnering with major investors on big projects, as bond yields remain low.
“What’s really important for us are partnerships. And partnerships are just difficult to do at a distance,” Konig told the publication.
Last week, reports suggested that Goldman is gearing up to offer investments in bitcoin and other digital assets to the wealthy clients of its private wealth management group.