View more on these topics

Aegon acquires 350k customers in swoop for BlackRock platform


Aegon is to acquire BlackRock’s defined contribution platform and administration business for an undisclosed sum.

The deal sees Aegon acquires around £12bn of assets and 350,000 customers, creating a workplace savings platform with total assets of £30bn.

BlackRock head of DC Paul Bucksey will be managing director of the merged business.

Following the transaction, the US giant asset manager’s £65bn UK DC business will focus on investment management.

Aegon UK chief executive Adrian Grace says: “The combined strength and breadth of expertise makes us a compelling choice. With employers demanding additional solutions to meet employees’ needs to and through retirement, workplace savings are no longer just about traditional DC pensions.

“BlackRock’s renowned strength as a leading investment manager means it retains its role as the primary investment manager for the clients who will transfer to Aegon as part of the transaction.”

BlackRock head of EMEA David Blumer adds: “The pensions and investment landscape has changed significantly in the UK over the last few years. BlackRock believes Aegon’s broad retail product and digital capabilities will best serve the increased demand from employers for holistic retirement solutions in the future, and are a perfect partner to deliver on our DC platform and administration clients’ growing needs.”

The transaction, including the transfer of assets and liabilities to Aegon is subject to regulatory and court approval.

Earlier this year Money Marketing revealed Aegon has been in talks with L&G over acquiring Cofunds.



Advisers hit out at Aegon Sipp property transfers delay

Advisers have been left frustrated by delays in Sipp property transfers as a result of Aegon’s year long administration switch from Capita to James Hay. The insurer used Capita as a third-party investment and property administrator until July 2015 when the firm withdrew from the Sipp market. Aegon also exited the market, though still offers […]


Aegon sells majority of UK annuity book

Aegon is selling two-thirds of its UK annuity portfolio to specialist insurer Rothesay Life for an undisclosed sum. The deal will see Aegon reinsure £6bn worth of liabilities to Rothesay Life, with the transfer process taking place over the next two years. Aegon will continue to make annuity payments to customers on behalf of Rothesay […]


Aegon reviews processes after charges error

Aegon is to make changes to how it communicates charges after admitting it sent conflicting information about a customer’s fund fees. Correspondence seen by Money Marketing between an adviser – who wishes to remain anonymous – and the provider shows total expense ratios differed across a range of funds when quoted three weeks apart. The adviser […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment