Foresters Life Insurance Company has entered into an agreement to purchase Aegon Capital Management (ACM) and Aegon Fund Management (AFM) from Proj Fox Acquisitions Inc., an intermediate holding company established for the July 2015 acquisition of Transamerica Life Canada (now ivari) and its Canadian affiliates.

The deal was announced on March 4, and pending regulatory approval the transaction is expected to close in May 2016. As a result of the purchase, Foresters will acquire approximately CAD $10 billion in Canadian fixed income and equity assets bringing its total amount of funds under management to CAD $44 billion. ACM will continue to manage ivari's corporate assets.

"The strategic acquisition of Aegon Capital Management will enable us to enter the Canadian asset management market," says Forester’s president and CEO Tony Garcia. "We also see strong synergies between our Canadian life and annuity products and services and AFM's product offerings in the retail space through their imaxx mutual funds™. On the institutional side of the business, we see substantial growth opportunities for us, given ACM's solid track record in this space."

Foresters did not disclose how much it paid for the two businesses.