Aegon has completed the final stage of a deal to acquire all of BlackRock’s defined contribution platform and administration business in the UK.
In May 2016 Aegon revealed it would purchase BlackRock’s DC business to create a workplace savings platform.
Last week a court approved the deal so £15bn worth of assets and 450,000 customers can move to Aegon which has £38bn assets under administration.
Aegon plans to develop its workplace savings proposition under the leadership of new chief distribution officer Ronnie Taylor who joined from Scottish Widows in February.
Taylor says the completion of this deal enables Aegon to offer a full suite of DC products and broader workplace savings solutions to trustee and corporate clients.
He adds: “There has been a lot of work behind the scenes since we first announced this deal in May 2016. Now it’s complete we are primed to push on with an exciting schedule of developments that we look forward to sharing soon.”