NIBC and Aegon Asset Management reach agreement on the sale of the NIBC’s North Westerly CLO Platform

Today, NIBC announces that it has reached an agreement 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 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 EUR 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. Closing of the transaction is expected in June 2023.

Paulus de Wilt, Chief Executive Officer NIBC: “We are pleased to have found a strong partner in Aegon Asset Management, who will ensure seamless continuity of service for all North Westerly stakeholders and staff involved. On behalf of the Management Board, I would like to extend my gratitude to the CLO team for their dedication to the North Westerly platform. Their pioneering efforts in applying ESG principles to award-winning CLOs is commendable, and their almost 20-year track record is a testament to their expertise and commitment.”