Dutch insurer Aegon has agreed to acquire BlackRock’s defined contribution platform and administration unit in the UK for an undisclosed sum.
The deal will add about £12bn of assets and 350,000 customers to Aegon’s portfolio, creating a £30bn platform-based workplace savings business that will provide Defined Contribution (DC) services to various types of schemes.
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BlackRock’s Paul Bucksey will be appointed as the managing director of the combined entity.
Aegon UK CEO Adrian Grace said: "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. This makes it an exciting market and with an expectation it will triple in size over the next 10 years. We are well positioned to take advantage."
Aegon said that it will retain specialist employees and established systems of BlackRock following the takeover of the asset manager.
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