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Aegon AM buys North Westerly CLO management business

Aegon Asset Management (Aegon AM) is to buy NIBC Bank’s North Westerly European Collateralized Loan Obligation (CLO) management activities.

 

The transaction will see Aegon AM acquire NIBC’s UK based team and CLO platform consisting of three CLOs with assets under management (AuM) of circa EUR 1.2 billion (bn), for an undisclosed consideration.

 

The move will further strengthen Aegon AM’s Alternative investment capabilities, which include Dutch Mortgages, Private Placements, Direct Lending, Leveraged Finance (CLO), Structured Finance and Real Assets.

 

Aegon AM already has a successful and growing US CLO franchise with AuM of USD 5.4bn and 12 CLOs currently in the market. This transaction allows Aegon AM to accelerate its ambitions to expand the franchise to European CLOs with the aim of becoming a leader in the European CLO market as well.

 

The North Westerly team will be based in Aegon AM’s London office. The team is one of the longest-active European CLO managers and brings to Aegon AM a solid 20-year track record of managing European CLOs.

 

Commenting on the deal, Aegon AM global chief executive Bas NieuweWeme says: ‘The acquisition of North Westerly provides the opportunity to accelerate our growth plans for our alternative fixed income business by expanding with a European CLO business to build upon our success in the US market. The team has enormous experience, an excellent track record and a strong CLO platform. It is also a pioneer in applying ESG principles to CLOs. This provides a strong fit with Aegon AM's responsible investment leadership position.’

 

‘I am looking forward to welcoming the North Westerly team to Aegon AM and to working with them as we further expand our strong alternative investment franchise, and our other offerings to our growing global client base.’

 

The closing of the transaction is expected in June 2023.

 

Notes for the editor

 

About Aegon Asset Management

 

Aegon Asset Management is an active global investor. Our 380 investment professionals manage and advise on assets of €292 ($311/£259) billion (as of December 31, 2022) for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations.

 

We organize our investment capabilities around four focused investment platforms where we have extensive asset-class expertise: Fixed Income, Real Assets, Equities, Multi-Asset & Solutions and Fiduciary Management. Each platform has dedicated teams, organized globally and committed to maximizing their specialist areas. These platforms and the Fiduciary business are supported by a team dedicated to responsible investing. 

 

By organizing our investment teams globally, we work to harness our expertise and research resources across regional boundaries. We believe this enhances our performance potential and helps provide better investment outcomes for clients.

 

Across platforms, we share a common belief in fundamental, research-driven active management, underpinned by effective risk management and a commitment to responsible investment. Our investment platforms have the flexibility to organize their resources and processes to best suit their area of focus.

 

We are a global business: Our 1,200 employees work across Europe, the Americas and Asia. We invest globally and serve clients locally.

 

For more information about Aegon Asset Management, visit www.aegonam.com

 

Media contacts:

 

Adrian Cammidge
Global Head of Communications, Aegon Asset Management
+44 (0) 7740 897 181 adrian.cammidge@aegonam.com

 

Roisin Armit
Senior Communications Manager, Aegon Asset Management
+44 (0) 7583 162 643 roisin.armit@aegonam.com

 

Unless otherwise noted, the information in this document has been derived from sources believed to be accurate at the time of publication.

 

This material is provided by Aegon Asset Management (Aegon AM) as general information and is intended exclusively for institutional, qualified, and wholesale investors, as well as professional clients (as defined by local laws and regulation) and other Aegon AM stakeholders.

 

This document is for informational purposes only in connection with the marketing and advertising of products and services, and is not investment research, advice or a recommendation. It shall not constitute an offer to sell or the solicitation to buy any investment nor shall any offer of products or services be made to any person in any jurisdiction where unlawful or unauthorized. Any opinions, estimates, or forecasts expressed are the current views of the author(s) at the time of publication and are subject to change without notice.

 

The information contained in this material does not take into account any investor's investment objectives, particular needs, or financial situation. It should not be considered a comprehensive statement on any matter and should not be relied upon as such. Aegon AM is under no obligation, expressed or implied, to update the information contained herein. Neither Aegon AM nor any of its affiliated entities are undertaking to provide impartial investment advice or give advice in a fiduciary capacity for purposes of any applicable US federal or state law or regulation. By receiving this communication, you agree with the intended purpose described above.

 

Past performance is not a guide to future performance. All investments contain risk and may lose value. This document contains "forward-looking statements" which are based on Aegon AM's beliefs, as well as on a number of assumptions concerning future events, based on information currently available. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. Consequently, such statements cannot be guarantees of future performance, and actual outcomes and returns may differ materially from statements set forth herein. 

 

The following Aegon affiliates are collectively referred to herein as Aegon Asset Management: Aegon USA Investment Management, LLC (Aegon AM US), Aegon USA Realty Advisors, LLC (Aegon RA), Aegon Asset Management UK plc (Aegon AM UK), and Aegon Investment Management B.V. (Aegon AM NL). Each of these Aegon Asset Management entities is a wholly owned subsidiary of Aegon N.V. In addition, Aegon Private Fund Management (Shanghai) Co, Ltd., a partially owned affiliate, may also conduct certain business activities under the Aegon Asset Management brand.

 

The assets under management/advisement described herein incorporates the entities within Aegon Asset Management brand as well as the following affiliates: Aegon Asset Management Holding B.V., Aegon Asset Management Spain, and joint-venture participations in Aegon Industrial Fund Management Co. LTD, and La Banque Postale Asset Management SA.

 

Aegon AM UK is authorised and regulated by the Financial Conduct Authority (FRN: 144267) and is additionally a registered investment adviser with the United States (US) Securities and Exchange Commission (SEC). Aegon AM US and Aegon RA are both US SEC registered investment advisers. Aegon AM NL is registered with the Netherlands Authority for the Financial Markets as a licensed fund management company and on the basis of its fund management license is also authorized to provide individual portfolio management and advisory services in certain jurisdictions. Aegon AM NL has also entered into a participating affiliate arrangement with Aegon AM US. Aegon Private Fund Management (Shanghai) Co., Ltd  is regulated by the China Securities Regulatory Commission (CSRC) and the Asset Management Association of China (AMAC) for Qualified Investors only. ©2023 Aegon Asset Management or its affiliates. All rights reserved.


Author: PR Team
Published On: 26/04/2023
Minute Read: 4