Goldman Sachs has agreed to acquire NextCapital, a Chicago-based fintech firm that provides automated advice to corporate retirement plan participants.

The bank said Tuesday 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 deal.

Goldman and rivals including Morgan Stanley and JPMorgan Chase have amped up their acquisitions in both fintech and asset management in recent years. The banks are jockeying to deepen relationships with key cohorts like corporate employees and diversify revenue by bulking up in money management, which is typically a steadier revenue source than trading and other Wall Street activities.

“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,” Goldman CEO David Solomon said in the release.

NextCapital was founded in 2014 and most recently raised venture funds in 2020, when it said it had a total of $85 million in funding.

The deal gives Goldman another tool to offer clients ways for employees to improve retirement outcomes. The bank, known for its Ayco personal financial management offering, said it already has about $350 billion in assets under supervision for defined benefit and defined contribution plans.

“Employers are looking to provide their employees tailored solutions and customizable advice that can better support individual saving and investing needs,” said Luke Sarsfield, global co-head of Goldman’s asset management division. “We believe personalization represents the future of retirement savings and will drive the next wave of innovative retirement solutions.”