Aegon buys admin firm

Aegon UK has bought third-party pension scheme administrator HS Administrative Services.

The group&#39s most recent acquisition was Guardian Royal Exchange Group. It also owns Scottish Equitable.

HS, which has 100 employees, has specialised since 1984 in third-party admin of big final-salary and money-purchase pension schemes averaging 1,000 members. It also offers pension account-ing services and other financial services.

Aegon says it has no plans to change HS&#39s name or its base in Chester. It says it does not want to lose the brand value of HS.

The company will retain its own board under Aegon UK&#39s decentralised strat-egy. Margaret Steward will continue as managing director while Aegon UK group development director Otto Thoresen becomes chairman.

Negotiations between the companies began about 18 months ago. Another attraction of HS Administrative Services to the group is its technological capabilit-ies which Aegon sees as a major factor.

Aegon UK chief executive David Henderson says: “This adds further scope to our business capability and overall market offering. Its skills in administering large pension schemes will open the door to many new business opportunities.

“I believe the acquisition to be of significant value to Aegon UK. Acquisitions do not necessarily have to be big to be beautiful.”