AEGON and Industrial Securities Complete Asset Management Joint Venture
21 April 2008 - 5:00PM
PR Newswire (US)
THE HAGUE, The Netherlands, April 21 /PRNewswire-FirstCall/ --
AEGON and China's Industrial Securities have completed the
establishment of their asset management joint venture following the
recent final approval by the regulatory authorities. Under the
agreement, AEGON has acquired a 49% interest in Industrial Fund
Management Company (IFMC), a Chinese mutual fund manager with
approximately EUR 3 billion assets under management(i). Industrial
Securities, one of China's leading securities companies, will
retain the remaining 51% of IFMC. The initial agreement was
announced on May 28, 2007. The joint venture will be renamed AEGON
Industrial Fund Management Company. Both shareholders will be
equally represented in the Board of Directors. The current
management team led by CEO Yang Dong will continue to lead AEGON
Industrial FMC with the objective of becoming one of the top
players in the Chinese fund management market. Over the past two
years, assets under management have increased from EUR 600 million
to EUR 3 billion. The new partnership with Industrial Securities
and the stake in AEGON Industrial FMC represent an excellent
opportunity for AEGON in entering the fast-growing asset management
market in China. Expanding into the asset management business will
broaden AEGON's presence in the Chinese market. To support AEGON
Industrial FMC's ambition to become a leading fund manager in
China, AEGON will contribute its longstanding and broad-based
expertise in asset management, including investment skills,
innovative product development and risk management. Furthermore,
AEGON Industrial FMC will support AEGON's entry into the Chinese
pension business. "Asia is an essential pillar of AEGON's
international growth strategy, as demonstrated by our continued
investment in greater China, and in our newest markets of India and
Japan," said Alexander Wynaendts, Chief Operating Officer of AEGON
N.V. "We welcome this opportunity to further expand in this fast
growing market and look forward to combining our expertise with the
excellent management capabilities of Industrial Securities." "We
strongly believe that AEGON's support for Industrial Fund
Management Company in the areas of product development, investment
processes, operations and risk management will improve our core
competencies and raise our quality to allow us to develop our
capabilities further as an excellent fund management company," said
Lan Rong, Chairman of Industrial Securities. (i) As of March 31,
2008 ABOUT AEGON AEGON is one of the world's largest life insurance
and pension groups, and a strong provider of investment products.
AEGON empowers local business units to identify and provide
products and services that meet the evolving needs of customers,
using distribution channels best suited to local markets. AEGON
takes pride in balancing a local approach with the power of an
expanding global operation. With headquarters in The Hague, the
Netherlands, AEGON companies employ approximately 30,000 people
worldwide. AEGON's businesses serve millions of customers in over
twenty markets throughout the Americas, Europe, and Asia, with
major operations in the United States, the Netherlands and the
United Kingdom. Respect, quality, transparency and trust constitute
AEGON's core values as the company continually strives to meet the
expectations of customers, shareholders, employees and business
partners. AEGON is driven to deliver new thinking with the ambition
to be the best in the industry. ABOUT Industrial Securities Founded
in 1990, Industrial Securities has a very strict policy of always
complying with the supervision guidelines of 'Governing by law,
monitoring and supervision, self-discipline, and standardization',
and is dedicated to the development and implementation of
professional service, marketing, and management systems. Over the
years, its security underwriting and brokerage businesses have
witnessed steady growth and increased market share, with all
indicators for its primary business units ranking among the top 20
in the industry. Industrial Securities is one of the first ten
securities companies that got permission for a capital increase and
share expansion after the implementation of the P.R.C. Securities
Law, and one of the nine comprehensive securities companies
approved by the China Securities Regulatory Commission, as well as
one of the first six standard securities brokers since the CSRC
implemented its classified monitoring and supervision practice.
ABOUT Industrial Fund Management Company Founded on September 30,
2003, Industrial Fund Management Company is a fund management
company approved by the China Securities Regulatory Commission. Its
main sponsor is Industrial Securities, one of the nation's
comprehensive securities companies. The company's business scope
covers fund establishment, fund management, and other business
functions approved by the CSRC. Adhering to the primary objective
of 'maximizing shareholder interests', it advocates a philosophy
characterized by rational, scientific, and long-term investment.
The company boasts a group of highly experienced professional
talents, and has formulated research systems guided by specialized
divisions in the areas of macroeconomics, industry and listed
companies, financial engineering, and risk management. It is
committed to rewarding its whole range of fund investors with
sustained excellent performance. FORWARD LOOKING STATEMENTS The
statements contained in this press release that are not historical
facts are forward-looking statements as defined in the US Private
Securities Litigation Reform Act of 1995. The following are words
that identify such forward-looking statements: believe, estimate,
target, intend, may, expect, anticipate, predict, project, counting
on, plan, continue, want, forecast, should, would, is confident,
will, and similar expressions as they relate to our company. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
We undertake no obligation to publicly update or revise any
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which merely
reflect company expectations at the time of writing. Actual results
may differ materially from expectations conveyed in forward-looking
statements due to changes caused by various risks and
uncertainties. Such risks and uncertainties include but are not
limited to the following: - Changes in general economic conditions,
particularly in the United States, the Netherlands and the United
Kingdom; - Changes in the performance of financial markets,
including emerging markets, such as with regard to: - The frequency
and severity of defaults by issuers in our fixed income investment
portfolios; and - The effects of corporate bankruptcies and/or
accounting restatements on the financial markets and the resulting
decline in the value of equity and debt securities we hold; - The
frequency and severity of insured loss events; - Changes affecting
mortality, morbidity and other factors that may impact the
profitability of our insurance products; - Changes affecting
interest rate levels and continuing low or rapidly changing
interest rate levels; - Changes affecting currency exchange rates,
in particular the EUR/USD and EUR/GBP exchange rates; - Increasing
levels of competition in the United States, the Netherlands, the
United Kingdom and emerging markets; - Changes in laws and
regulations, particularly those affecting our operations, the
products we sell, and the attractiveness of certain products to our
consumers; - Regulatory changes relating to the insurance industry
in the jurisdictions in which we operate; - Acts of God, acts of
terrorism, acts of war and pandemics; - Changes in the policies of
central banks and/or governments; - Litigation or regulatory action
that could require us to pay significant damages or change the way
we do business; - Customer responsiveness to both new products and
distribution channels; - Competitive, legal, regulatory, or tax
changes that affect the distribution cost of or demand for our
products; - Our failure to achieve anticipated levels of earnings
or operational efficiencies as well as other cost saving
initiatives; and - The impact our adoption of the International
Financial Reporting Standards may have on our reported financial
results and financial condition. CONTACT INFORMATION Group
Corporate Communications & Investor Relations The Hague, the
Baltimore, the United States Netherlands Analysts &
+31(0)70-344-83-05 +1-877-548-9668 (toll free) Investors Media
+31(0)70-344-83-44 E-mail Website http://www.aegon.com/ DATASOURCE:
AEGON N.V. CONTACT: CONTACT INFORMATION: Group Corporate
Communications & Investor Relations: The Hague, the
Netherlands: Analysts and Investors, +31(0)70-344-83-05; Media,
+31(0)70-344-83-44, E-mail: ; Baltimore, the United States,
Analysts and Investors: +1-877-548-9668 (toll free), Email:
Copyright