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BlackRock to sell UK defined contribution platform, administration biz to AEGON

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BlackRock to sell UK defined contribution platform, administration biz to AEGON

agreed to acquireBlackRock Inc.'s U.K.defined contribution platform and administration business to strengthen AEGON'sposition in the British workplace savings market.

TheDutch insurer will acquire approximately £12 billion of assets and some 350,000customers, creating a £30 billion platform-based workplace savings business.BlackRock's Paul Bucksey will become managing director of the combined workplacebusiness, AEGON said May 3.

AEGONsaid the transaction allows BlackRock to deepen its business ties with theinsurer, providing investment management solutions to AEGON clients. Theinsurer will retain BlackRock's employees and systems.

Theacquisition is subject to customary closing conditions and a Part VII transferof the underlying assets and liabilities to AEGON that is subject to regulatoryand court approvals.