Aegon, The Hague, The Netherlands, and China’s Industrial Securities, Fujian Province, a securities company, have completed the establishment of their asset management joint venture

Under the agreement, Aegon has acquired a 49% interest in Industrial Fund Management Co., a Chinese mutual fund manager with approximately EUR 3 billion in assets under management. Industrial Securities will retain the remaining 51% of IFMC. The initial agreement was announced on May 28.

The joint venture will be renamed AEGON Industrial Fund Management Company. Both shareholders will be equally represented in the Board of Directors.

In the announcement, Aegon said that it will use its asset management experience to advance Aegon Industrial FMC’s efforts in China and the new joint venture unit will support Aegon’s entry into the Chinese pension business.