Aegon will acquire approximately £12 billion of assets and 350,000 customers, creating a £30 billion platform-based workplace savings business.
Paul Bucksey from BlackRock will be appointed Managing Director of the combined workplace business.
BlackRock will continue to grow its DC Investments Business by providing investment products to DC schemes, consultants, master trusts and pension providers.
Aegon says its retention of BlackRock’s specialist employees and established systems will provide stability and ongoing continuity for Trustees, plan sponsors and their advisers.
Adrian Grace, CEO of Aegon UK, said:
“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."
