Aegon has entered into a strategic asset management partnership with La Banque Postale in France.
The partnership will materialize through a 25% stake in La Banque Postale Asset Management held by Aegon Asset Management.
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The agreement will combine the distribution strength of La Banque Postale with Aegon’s international investment capabilities to cater the investment needs of both La Banque Postale’s 11 million retail clients and its expanding institutional client base.
The deal is part of Aegon’s strategy to grow and diversify its customer base and to provide fee-based, capital-light products as well as expand its services and solutions for third-party customers globally.
Under the strategic partnership, both the companies will collaborate to further boost the development of La Banque Postale Asset Management, which will offer a range of products including international equity and multi-asset investment products.
Aegon said that these products will be sold through La Banque Postale’s network of approximately 17,000 points of sale, online and by its institutional sales team.
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By GlobalDataThe transaction is expected to close in the first quarter of 2015.
