Goldman Sachs is buying NextCapital, a robo-adviser that specialises in workplace pensions, as part of chief executive David Solomon’s push into businesses with steadier income streams including asset and wealth management.
Chicago-based NextCapital directly advises retirement plans as well as supplying its underlying technology to other financial institutions under a “white label”. Sponsors of defined contribution retirement plans use NextCapital’s digital advice to help employees customise their savings and investment options.
Goldman declined to disclose the price of the acquisition but said it would be among its five largest asset management deals.