Published on 5 Jul 2023 on Zacks via Yahoo Finance
Aegon (AEG) Extends JV Partnership in LBP AM Through 2035
Aegon N.V. AEG announced that its active global investor, Aegon Asset Management (Aegon AM), has extended a joint venture (JV) for asset management with La Banque Postale. The partnership in LBP AM, which commenced in 2015, has been extended through 2035.
Aegon AM owns a 25% stake in LBP AM. The extension follows LBP AM’s buyout of La Financière de l’Echiquier, which will boost its footprint in France, as well as Europe. The acquisition is expected to enhance its product range and give access to new third-party distribution options. It will also bring hefty assets under management figure, which was at EUR 67 billion as of 2022-end.
Both Aegon AM and La Banque Postale engaged in the capital raising event for the acquisition. The move is expected to provide both stakeholders with additional channels to distribute their products in the French and several other markets. The partnership extension is in line with Aegon’s strategy of investing in successful joint ventures for long-term growth.