Aegon Asset Management agreed to acquire NIBC Bank's North Westerly European collateralized loan obligation management business in a move to strengthen its alternative investment capabilities, a spokesman confirmed.
As part of the deal, which is expected to close in June, Aegon AM will acquire a team of nine professionals and a CLO platform with €1.2 billion ($1.3 billion) in assets under management.
The value of the deal was not disclosed.
"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 U.S. market," said Bas NieuweWeme, Aegon AM's global CEO, in a news release.
"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," Mr. NieuweWeme added.
Aegon AM said it is building on its 12 U.S. CLOs with $5.4 billion in AUM with the aim of becoming a leader in the European CLO market.
The North Westerly team will be based in Aegon AM's London office following the completion of the deal.
Aegon Asset Management had $311 billion in assets under management as of Dec. 31.