Aegon has completed a strategic asset management partnership with La Banque Postale.
Under the terms of the agreement, Aegon has acquired a 25% stake in La Banque Postale Asset Management (LBPAM) for a consideration of EUR 112.5 million. LBPAM is the fifth largest asset manager in France, with approximately EUR 150 billion assets under management.
"I am delighted that Aegon is teaming up with La Banque Postale", said Alex Wynaendts, CEO of Aegon. "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."
The opportunity to create a strategic partnership with La Banque Postale supports 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 Asset Management's strategy to expand its services and solutions for third-party customers internationally.
17,000 Points of Sale
The two companies will work together to further strengthen the development of LBPAM, which will offer a comprehensive range of products – including international equity and multi-asset investment 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.