Aegon Asset Management (Aegon AM) has discontinued its distribution activities in Asia, with the exception of China, a company spokesperson told FSA.
After a strategic review of its business, the Netherlands-headquartered company will shift the focus of its Asian activities to its newly-launched, Shanghai-based, wholly foreign-owned enterprise (WFOE) and its Chinese joint venture, Aegon Industrial Fund Management Company (AIFMC).
Following the departure of two of its members of staff, Aegon AM will close its branch in Japan and relinquish its distribution licences in both Japan and Hong Kong.
The Hong Kong office will remain open to support its business in mainland China, with one employee based there, while another member of staff has returned to the UK and will continue to work out of London, supporting clients from there.
According to the Securities and Futures Commission of Hong Kong, Aegon Asset Management (Asia), the Hong Kong branch of the asset manager, has now “ceased business of regulated activities”.
The Hong Kong branch has been operational since 2012, according to information from the securities watchdog.
“By ceasing distribution in the wider Asia market, it will free resources to invest in its core markets in Europe and the US, while broadening its fund offering via the WFOE and strengthening its cooperation with AIFMC in China,” said the spokesperson.
Aegon AM was given the green light to set up a WFOE in Shanghai back in 2019, while its fund management joint venture was set up back in 2008.
Aegon AM has $329bn of asset under management as of the end of June.
