Aegon has completed a strategic asset management partnership with La Banque Postale which was announced in February.
Aegon, headquartered in The Hague, Netherlands, has taken a 25% stake in La Banque Postale Asset Management (LBPAM) for €112.5m ($126m).
LBPAM is the fifth largest asset manager in France, with approximately €150bn ($168m) of assets under management.
"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," said Alex Wynaendts, CEO of Aegon. "This will enable us to help many new customers in France secure their financial future through long-term investment solutions."
Aegon said the opportunity to create a strategic partnership with La Banque Postale "supports Aegon's ambition to expand and diversify its customer base and to provide fee-based, capital-light products," adding that it "represents a significant step in implementing Aegon Asset Management's strategy to expand its services and solutions for third-party customers internationally."
The two companies said LBPAM 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.
