AEGON Canada and RBC Dexia Investor Services have signed a letter of intent to have RBC Dexia provide investment accounting services to AEGON Canada for its portfolio of 160 funds worth CAD 8.5 billion. AEGON Canada Inc. provides Canadians with life insurance and investment products through its operating subsidiaries Transamerica Life Canada, AEGON Fund Management and AEGON Capital Management.
“Based on our positive working relationship with RBC Dexia, we are confident that our clients and employees will benefit from RBC Dexia’s global operating model and strong focus on client service excellence,” says Paul Reaburn, president and CEO of AEGON Canada. “The outsourcing of investment accounting supports AEGON Canada’s strategy of focusing on our core business, which is the manufacturing of life insurance and investment products.”
“We are extremely pleased with AEGON Canada’s selection of RBC Dexia to provide investment accounting services for their portfolio of funds,” says Jos Placido, chief executive officer of RBC Dexia. “We believe this decision is a strong endorsement of the intrinsic value institutional investors can realize by entrusting their middle and back office functions to RBC Dexia. There is a strong cultural alignment between our two companies, including a shared commitment to client service excellence. We look forward to a long-term, mutually beneficial working relationship with AEGON Canada.”
One of the key features of this relationship involves the integration of AEGON Canada’s investment accounting employees into RBC Dexia’s operation in Toronto.
“We are delighted to welcome these professionals to our team at RBC Dexia,” Placido says. “Their experience and expertise will help ensure business continuity and will contribute to the development and sharing of best practices in the years ahead.”