Foresters to acquire ACM and AFM from Proj Fox Acquisition
By Staff Writer
Mar 02, 2016 06:09 AM EST
Mar 02, 2016 06:09 AM EST
Foresters, a provider of financial services, and Proj Fox Acquisition have signed a deal on February 29, 2016, whereby, Foresters will indirectly buy both Aegon Fund Management (AFM) and Aegon Capital Management (ACM). In connection with this deal, Foresters Life Insurance Company, a unit of Foresters, will acquire AFM and ACM from Proj Fox Acquisitions.
This transaction will enable Foresters to purchase equity assets and fixed income in Canada worth about C$10 billion. With this acquisition, Foresters' net funds under management will amount to C$44 billion. The company expects to complete the acquisition in May 2016, after receiving regulatory approvals from Canadian authorities. Foresters noted that ACM will carry on its dominance on the corporate assets of ivari even after the completion of the transaction.
Tony Garcia, chief executive officer and president of Foresters, said that this transaction will allow the company to have an easy access to the asset management market in Canada. He said the management is pleased in joining ACM and AFM teams. Foresters believe to serve its future and existing customers in Canada with its strong business portfolio. According to Gregory Ross, leader of fixed income and chief investment officer at ACM, with this acquisition, ACM can better serve its consumer base at the same time improve its institutional and retail offerings.
Foresters purchases the businesses from Wilton's unit that is possessed by the Canada Pension Plan Investment Board. In July, Wilton finalized the acquisition of most of Aegon's Canadian operations. Tony Garcia has been renaming and strengthening the leadership team since May 2014. Foresters provides retirement offerings, saving and insurance products to over 3 million customers in UK, Canada and the US, as reported by Bloomberg.
The shares of Aegon NV traded +0.86% in the most present trading session and analysts at Wall Street expected the company's stock to reach $N/A by the next 52-week period. The company's price to earnings ratio amounted to 87.98, according to SMALL CAP WIRED. Shares of Aegon has a rating of N/A calculated according to the expectations of N/A brokerage firms. The company's earnings per share is expected to be $N/A by the brokerage companies, as reported by Enterprise Leader.
Recently, Foresters' employees raised more than $100 thousand for the United Way. The workers contributed generously to improve the lives of struggling communities. The company collected more than $10,000 through various fundraising events like raffles, auction and bake sale. The company attributed the campaign success to its workers involved in the collection activity.
The acquisition of ACM and AFM marks a significant milestone in the history of the company. In addition, the transaction businesses will enable customers of both ACM and Foresters to avail better financial services.
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