Together with La Banque Postale Asset Management (LBPAM), Aegon Asset Management will develop a range of investment products – including international equity and multi-asset investment products – that La Banque Postale Asset Management will offer to La Banque Postale's 11 million clients and to its growing institutional client base in France.
"Our partnership represents a significant and exciting step in implementing our strategy to expand our broad range of services and solutions to clients internationally," explains Sarah Russell, CEO of Aegon Asset Management.
"We'll be working closely with LBPAM to develop a range of products for the French institutional and retail market. We have very complementary skills and capabilities – and LBPAM has a client base in need of the kind of investment solutions we can provide."
LBPAM is France's fifth largest asset manager.
In December 2014, Aegon Asset Management and La Banque Postale announced that they were in exclusive talks. As part of the agreement, Aegon Asset Management will acquire a 25% stake in LBPAM. The transaction is expected to be finalized in mid-2015, subject to regulatory approvals.
This latest partnership supports Aegon's strategic objective of investing in fee-based businesses offering strong growth opportunities and long-term value to customers.
