Aegon AM and NIBC close deal for North Westerly CLO management business
Aegon Asset Management (Aegon AM) has closed its deal with NIBC Bank to buy its North Westerly European Collateralized Loan Obligation (CLO) management activities.
The completion of the transaction sees 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 further strengthens Aegon AM’s Alternative investment capabilities, which include Dutch Mortgages, Private Placements, Direct Lending, Leveraged Finance (CLO), Structured Finance and Real Assets.
Aegon AM has an existing successful and growing US CLO franchise with AuM of USD 5.4bn and 12 CLOs currently in the market. The completion of the North Westerly deal 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 is 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: ‘We are excited to have completed the North Westerly transaction and looking forward to working with the team to grow our CLO business in Europe to complement our success in the US market.’
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