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Tuesday, October 13, 2009

Transamerica's Parent Pumps $650 Million Into Its US Ops

News summary by MFWire's editors

Transamerica Funds' parent is pouring $650 million into its US operations, though it's not clear if any of the fund is destined for the fund firm. On Tuesday Aegon unveiled a $900 million transaction with JPMorgan Chase Bank, whereby JPMorgan takes over "a portion of future profits associated with an existing book of traditional life business" for ten years.

Aegon spokesman Greg Tucker confirmed that the "Letter of Credit ... includes a traditional life home service business written prior to 2008 in the U.S."

"This transaction has a positive impact on our capital position overall in the U.S.," Tucker said in an emailed statement to The MFWire. Tucker did not comment on the new capital's effect, if any, on Transamerica Asset Management Group, of which Transamerica Funds is a part. 

Edited by: Neil Anderson, Managing Editor

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