Global Transaction Services, a business unit of Citigroup Corporate and Investment Bank, has completed the acquisition of Aegon Asset Management UK's key back office functions.

The development finalizes a deal originally set up in March for Aegon Asset Management UK to transfer its fund accounting and administration functions to Citigroup Global Transactions Services. As part of the move 75 Aegon specialist staff members have become Citigroup employees, based in Citigroup’s Edinburgh offices.

This deal will allow Aegon to continue to access the services provided by the transferred administration systems and personnel for the management of its investment portfolio of over GBP40 billion on behalf of retail, insured and institutional clients.

Andrew Fleming, managing director of Aegon Asset Management UK, commented: Aegon has built an enviable reputation for operational efficiency and we are committed to sustaining this excellence in the long term. During our discussions with Citigroup, it became clear there was an opportunity to secure a deal that was of benefit to all our stakeholders.

We are very excited about our partnership with Citigroup, with whom we have worked closely in a number of areas over the years. They have demonstrated a sound understanding of our business needs and a clear vision for the future. Their ambition in this market, and their commitment to Edinburgh as the base for this expansion in the UK, makes them the ideal candidate to support our own ambitious business model.