Goldman Sachs has agreed to buy NextCapital, a robo-advisor for corporate retirement plan participants. Financial terms were not disclosed.
Chicago-based NextCapital works with financial institution partners to provides tailored retirement plans for workplace plan participants and retail investors.
Goldman says the deal, set to close in the second half of the year, will accelerate its expansion its services to the growing defined contribution market through personalized managed accounts and digital advice.
David Solomon, CEO, Goldman Sachs, says: "This acquisition furthers our strategic objective of building compelling client solutions in asset management and accelerating our investment in technology to serve the growing defined contribution market."