Aegon completes Chinese asset management joint venture deal
Aegon has completed its asset management joint venture with China's Industrial Securities after regulatory authorities approved the deal.
Under the agreement, Aegon has acquired a 49 per cent interest in Industrial Fund Management Company (IFMC), a Chinese mutual fund manager with approximately 3 billion (£2.38 billion) assets under management.
Industrial Securities, one of China's leading securities companies, will retain the remaining 51 per cent of IFMC. The initial agreement was announced on May 28th, 2007.
The joint venture will be renamed Aegon Industrial Fund Management Company and will continue to be led by the current management team, headed by CEO Yang Dong.
"Asia is an essential pillar of Aegon's international growth strategy, as demonstrated by our continued investment in greater China, and in our newest markets of India and Japan," said Alexander Wynaendts, chief operating officer of Aegon.
"We welcome this opportunity to further expand in this fast growing market and look forward to combining our expertise with the excellent management capabilities of Industrial Securities."