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Aegon to buy BlackRock's UK pension platform, admin business

Staff writer |
BlackRock agreed to sell its defined contribution pension platform and administration business to Dutch insurer Aegon for an undisclosed amount.

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Aegon would acquire around 12 billion pounds in assets under management and 350,000 customers through the deal, creating a 30 billion pounds platform-based workplace savings business, the firms said in a joint statement.

BlackRock's remaining 65 billion pounds in UK defined contribution business would be focused on investment management and look to provide services to Aegon's clients.

"The pensions and investment landscape has changed significantly in the UK over the last few years," said David Blumer, Head of BlackRock EMEA. "Aegon's broad retail product and digital capabilities will best serve the increased demand from employers for holistic retirement solutions in the future."

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