Aegon is to acquire BlackRock's UK defined contribution (DC) platform and administration business, adding 350,000 clients with £12bn of assets to its books.
The £30bn combined workplace business will be led by newly appointed managing director Paul Bucksey, current head of DC at BlackRock. BlackRock's clients will transfer to Aegon as part of the deal. The platform-based business will offer DC services to schemes of all sizes and types with BlackRock providing the investment management solutions. It will cover contract-based schemes as well as trust-based and investment-only markets, offering products including ISAs, general investment accounts, guarantees and self-invested personal pensions. Aegon said it plans to retain BlackRock'...
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