Aegon NV
agreed to shop for BlackRock Inc.’s U.ok. described-contribution pension
business to bolster its function in the us of a’s workplace-savings market.
The deal will switch 12 billion pounds ($17.6 billion) of
property below management and 350,000 clients to the Hague-primarily based
company, Aegon stated in a assertion on Tuesday. BlackRock’s Paul Bucksey turns
into dealing with director of the pension and administration unit. The phrases
of the transaction, because of be completed within the 2d area of 2017, weren’t
disclosed.
Aegon is properly placed to take gain of increase in a
marketplace that is predicted “to triple in length over the following 10
years,” Adrian Grace, leader government officer of Aegon U.okay., stated within
the declaration.
The Dutch insurer stated the deal will push it into a
pinnacle-three role within the U.k.
place of work-financial savings market and create a division with approximately
30 billion kilos [$43.9 billion] of assets beneath control. new york-primarily
based BlackRock will grow its described contribution investments business by
using presenting products to pension funds and different carriers, it said.
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