Aegon Asset Management (Aegon AM) has acquired the European Collateralised Loan Obligations (CLO) management business of North Westerly, part of NIBC Bank, for an undisclosed sum.
As part of the deal, Aegon AM will add North Westerly’s UK-based team as well as the CLO platform, which has three CLOs with assets under management (AUM) worth close to EUR 1.2 billion.
This acquisition further strengthens Aegon AM’s alternative investment capabilities, which encompass Dutch mortgages, private placements, direct lending, leveraged finance (CLOs), structured finance, and real assets.
Aegon AM already has a successful CLO portfolio in the US comprising 12 CLOs managing $5.4 billion in assets. This transaction helps to accelerate Aegon AM’s ambition to expand its CLO portfolio in Europe with the aim of becoming a leading manager in the European CLO market.
The North Westerly team, which will be based in Aegon AM’s London headquarters, is one of the longest-serving European CLO management teams and brings to Aegon AM a strong 20-year track record in CLO management.
“The acquisition of North Westerly will allow us to accelerate our plans to grow our alternative fixed income business by expanding our European CLO business following our success in the US market. The team has extensive experience, an excellent track record and a robust CLO platform. They are also pioneers in applying ESG principles to the CLO space, which fits well with Aegon AM’s leadership position in responsible investment. I look forward to welcoming the North Westerly team to Aegon AM and working with them on expanding our robust range of alternative investments, as well as other propositions for our growing global client base.”
Bas NieuweWeme, Aegon AM CEO.
The deal is expected to close in June 2023.
