Aegon Asset Management will buy NIBC Bank’s North Westerly European Collateralised Loan Obligation (CLO) management business for an undisclosed fee to strengthen its alternative investment offering.
The $311 billion global asset manager will acquire NIBC’s UK-based team and CLO platform, which consists of three CLOs with assets under management of €1.2 billion.
The North Westerly team – one of the longest active European CLO managers – will be based in Aegon Asset Management’s London office.
The deal, expected to close in June, will allow Aegon to expand its CLO offering into Europe. It already has a US CLO franchise comprising 12 CLOs with assets under management of $5.4 billion.
Bas NieuweWeme, global chief executive of Aegon Asset Management, said: “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.”
He added: “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.”
Paulus de Wilt, chief executive of NIBC, said: “We are pleased to have found a strong partner in Aegon Asset Management, who will ensure seamless continuity of service for all North Westerly stakeholders and staff involved.
“On behalf of the Management Board, I would like to extend my gratitude to the CLO team for their dedication to the North Westerly platform.
“Their pioneering efforts in applying ESG principles to award-winning CLOs is commendable, and their almost 20-year track record is a testament to their expertise and commitment.”
The CLO business sits alongside its other alternative investment capabilities, which include Dutch mortgages, private placements, direct lending, structured finance and real assets.
In 2019, Aegon began to integrate its regional investment businesses into one global organisation after NieuweWeme joined and was completed in 2020 with the retirement of established brands Kames Capital and TKP Investments.
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