Aegon to buy BlackRock’s UK Defined Contribution (DC) platform and administration arm
Aegon has today announced it is buying BlackRock's UK Defined Contribution (DC) platform and administration arm.
The Dutch insurer will be acquiring assets worth roughly £12bn along with 350,000 customers, to create a workplace savings business worth £30bn.
Meanwhile, asset manager BlackRock, which will be retaining £65bn of its DC business, will turn its focus more to providing investment management solutions.
"The combined strength and breadth of expertise makes us a compelling choice," said Adrian Grace, chief executive of Aegon UK. "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."
David Blumer, head of BlackRock EMEA, added: "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."
BlackRock's Paul Bucksey will be appointed managing director of the new workplace savings platform.