Aegon shutters Hong Kong operations

Aegon Hong KongNetherlands-based Aegon Asset Management is reducing its presence in Asia in order to focus on its mainland China venture. The Dutch insurer has closed its Hong Kong business and is set to close its office in Japan. In addition, the company is relinquishing its distribution agreements in Japan and Hong Kong. According to a statement reported by Wealth Briefing Asia, the decision was made following a strategic review of the business. Aegon AM opened its Shanghai-based wholly foreign-owned enterprise in March 2021 and also has a long-established Chinese joint venture with local broker Industrial Securities called Industrial Fund Management. "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," it said. © 2022 funds global asia

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