Aegon UK has agreed to buy BlackRock’s UK defined contribution platform and administration business of £12bn of assets and 350,000 customers.
The deal will create a £30bn platform-based workplace savings business within Aegon, while BlackRock’s £65bn UK defined contribution business will focus on investment management.
David Blumer, head of BlackRock Europe, Middle East and Africa, said Aegon UK’s broad retail product and digital capabilities would best serve the increased demand from employers for holistic retirement solutions in the future.
He said once the deal was completed BlackRock would continue to grow its DC Investments Business by providing investment products to DC schemes, consultants, master trusts and pension providers.
Paul Bucksey, managing director, head of DC at BlackRock will be appointed managing director of the combined workplace business.
Adrian Grace, chief executive of Aegon UK, said: “The combined strength and breadth of expertise makes us a compelling choice.”
