Aegon Asset Management has agreed to acquire NIBC’s North Westerly European collateralised loan obligation (CLO) business.
The firm will acquire the UK-based team and CLO platform consisting of three CLOs with assets under management of circa £1.06bn (€1.2bn) for an undisclosed price. The deal is expected to close in June.
The move adds to Aegon AM’s alternative investment capabilities, which include dutch mortgages, private placements, direct lending, leveraged finance, structured finance and real assets.
The North Westerly team will be based in Aegon AM’s London office. The team brings a 20-year track record of managing European CLOs to Aegon.
Aegon AM already has a US CLO franchise with assets of $5.4bn and 12 CLOs.
Chief executive Bas NieuweWeme (pictured) 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.”