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Goldman Sachs is buying NextCapital, a robo-adviser that specializes 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 customize their savings and investment options.
“This is a bid to provide all of corporate America with a better solution to help their employees plan for retirement,” said Luke Sarsfield, Goldman’s co-head of asset management.
https://www.ft.com/content/f164eab2-b3ea-42ed-9c61-9290d97599ff
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