French group La Banque Postale has announced the closing of the deal between its asset management arm La Banque Postale AM (LBPAM) and Aegon Asset Management (Aegon AM).
Following closing, Aegon AM acquires a 25% stake in LBPAM’s capital for some €112.5m. Last February, the two firms and La Banque Postale have signed a partnership agreement.
The deal aims to develop and enlarge LBPAM’s expertises, which managed nearly €150bn in assets at the end of 2014 on behalf of institutional and retail clients.
In detail, LBPAM will strengthen its presence on the institutional market. It will also benefit from the global expertise of Aegon AM.
The two firms will jointly launch a new range of diversified products towards retail and institutional investors. They will also work together to develop their offering, including global and multi-assets funds.