During her maiden Mansion House speech on 14th November 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves, MP, announced that Aegon UK intends to partner with the British Business Bank, a government owned but independently managed bank, focused on promoting investment into the UK’s fastest growing, most innovative companies.
As a result, Aegon UK will provide cornerstone investment to the initial fund of the British Growth Partnership, which will be launched by British Business Bank in 2025 (subject to regulatory approval), investing in high quality, UK growth companies seeking investment to scale their operations.
Aegon UK’s investment in British Growth Partnership will be made through our largest workplace default fund, the £12 billion* Universal Balanced Collection (UBC). This follows our announcement earlier this year of our intention to include an allocation to private markets within UBC, unlocking access to a broader range of innovative investment opportunities, previously out of reach for DC default investors.
Lorna Blyth, Managing Director of Investment Proposition at Aegon UK said:
“We are on the path to evolve the Universal Balanced Collection fund and turn it into a default fund fit for the future. These changes build on our recent investment into our first bespoke Long Term Asset Fund and focus on robust risk management and diversification. We believe these changes will offer our members improved outcomes and value for money. By partnering with the British Business Bank, we can unlock investment into businesses with high growth potential through the British Growth Partnership and capture the full commercial potential of world-class breakthrough technology companies.
* As at 30 June 2024.
The value of investments isn't guaranteed and may go down as well as up. Investors may get back less than they invest.