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Laxman Pai, Opalesque Asia:

Goldman Sachs Asset Management (GSAM) has agreed to acquire Chicago-based managed account provider NextCapital Group as it expands its asset-management services.

The parent company Goldman Sachs (GS) Group, the American multinational investment bank, and financial services said in a release that the deal, the terms of which were not disclosed, will be completed in the second half of this year.

The acquisition ranks among the top five asset management deals New York-based Goldman has done, according to the Financial Times, which first reported the move.

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, said the release.

NextCapital partners with financial institutions to provide planning services for workplace retirement plans and individual retirement accounts. It currently has about $220 billion in assets under supervision, according to a press release.

David Solomon, chairman, and CEO of GS, said in the news release that the deal will expand the firm's services to the defined contribution retirement market through the personalized managed accounts and digital advice that NextCapital provides.

"This acquisition furthers our strategic objective of building compelling client solutions in asset management and accelerating our investment in technology to serve the growing defi......................

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