NIBC sells North Westerly CLO Platform to Aegon AM

NIBC sells North Westerly CLO Platform to Aegon AM

21 juni 2023

Vermogensbeheer
Nieuwe baan man (06) on the move

NIBC and Aegon Asset Management close deal for NIBC’s North Westerly CLO Platform.

NIBC today announced that it has closed the deal to sell its European Collateralised Loan Obligation (CLO) management activities to Aegon Asset Management. Through this transaction, NIBC further accelerates its strategy to streamline its business model and to focus on asset-backed financing.

The sale comprises NIBC’s North Westerly CLO platform in its entirety, including the NIBC CLO team, collateral management of three outstanding CLOs with assets under management of circa € 1.2 billion and associated risk retention positions in the three CLOs, for an undisclosed consideration. This transaction provides the North Westerly platform and its stakeholders with a strong basis for further growth under Aegon Asset Management ownership, who fully supports the North Westerly platform’s strategy. 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 20-year track record of managing European CLOs.

The move also 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 $ 5.4 billion and 12 CLOs currently in the market. The completion of the North Westerly deal allows Aegon AM to accelerate its ambitions to expand this franchise to European CLOs with the aim of also becoming a leader in the European CLO market.

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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