Aegon acquires 25% stake in La Banque Postale
Aegon Asset Management has acquired a 25% stake in La Banque Postale Asset Management (LBPAM) for €12.5m.
LBPAM is the fifth largest asset manager in France, according to Aegon, with approximately €150bn assets under management.
"By leveraging Aegon's global investment expertise and La Banque Postale's extensive distribution network, this strategic asset management partnership opens up a large market opportunity. This will enable us to help many new customers in France secure their financial future through long-term investment solutions," said Alex Wynaendts, CEO of Aegon.
The acquisition will fuel Aegon's ambition to grow and diversify its customer base and to provide fee-based, capital-light products.
It also represents a significant step in implementing Aegon's strategy to expand its services and solutions for third-party customers internationally.
The two companies will work together to further strengthen the development of La Banque Postale Asset Management's products. These will be distributed through La Banque Postale's network of approximately 17,000 points of sale, online and by its institutional sales team.
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