September 25, 2015 – The Hague, Netherlands – Aegon, through an affiliate of its Transamerica unit, has reached an agreement with Mercer HR Services, LLC to acquire Mercer’s US defined contribution administration book of business.
Upon completion of the acquisition, the defined contribution business will transition to Transamerica Retirement Solutions, which will become a top ten defined contribution record-keeper based on plan participants and assets.
Mercer is widely recognized for its best-in-class solutions in the large corporate benefits administration market. As such, the transaction complements Transamerica’s current retirement services offering, which has experienced success and growth in the large and mega markets with a primary focus in the not-for-profit segment.
“This agreement with Mercer further strengthens Transamerica’s leading position in the US retirement sector, with the know-how and broad capability to serve every retirement plan market segment,” said Mark Mullin, a member of Aegon’s Management Board and President & CEO of Transamerica.
“This latest strategic development supports our aim to further grow and diversify our customer base, while continuing to expand our offering of fee-based retirement solutions.”
As a result of the acquisition, the number of retirement plan participants serviced by Transamerica will increase by 917,000 to approximately 5 million. Assets under administration (AUA) will increase by USD 71 billion to approximately USD 216 billion (as of August 31, 2015).
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