Aegon will take a 49% stake in Industrial Fund Management, a medium-sized fund manager in China. The company will be renamed Industrial-Aegon Fund Management.

About 30 foreign firms have set up fund management joint ventures in China.

The deal will be submitted to the China Securities Regulatory Commission for approval.

“China represents one of Aegon’s key growth markets, given the significant potential in the coming years for life insurance, pension and related investment products,” said Don Shepard, CEO and chairman of the executive board of Aegon. “We welcome this opportunity to combine our expertise with the broad and expert asset management capabilities of Industrial Securities, one of the country’s leading securities companies.”

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