Aegon has bought TPG KPN Pensioen, the pension administrator and asset management arm of the Dutch telecom and postal services pension funds, to make use of its multi-manager capabilities.

The unit will be called TKP and operate as a fully owned subsidiary of Aegon, the Dutch-based insurance company. TKP has €6bn ($6.4bn) in assets under management and will position itself to offer services to third-party pension funds. Its multi-manager service invests in a range of retail funds.