GDG enters strategic alliance with BlackRock

Generation Development Group has entered into a strategic alliance with BlackRock aimed at the retirement products market.

As part of the alliance, BlackRock will acquire a strategic stake in GDG.

The two companies announced the alliance today stating that by bringing together Generation Life and BlackRock’s local and global retirement investment expertise, the two firms are focused on setting a new standard for managing longevity and sequencing risk with investment solutions developed in Australia for Australian retirees.

Commenting on the move, GDG chief executive, Grant Hackett said that BlackRock’s investment in GDG strengthened their shared commitment.

“This strategic alliance validates our proven track record and builds on the strong momentum Generation Life has achieved in recent years as we continue to expand our capabilities and grow our presence in the financial advice and retirement income sector,” he said.

BlackRock Australia head, Jason Collins said the investment in GDG would ensure the best of his firm’s global retirement expertise and technology is delivered to the Australian marketplace through a proven local innovator.

“By combining Generation Life’s technical expertise and product structuring capabilities with BlackRock’s scale in technology and investment management, this strategic alliance enables BlackRock to contribute to the development of the retirement income sector in Australia at a time of increased client and policymaker focus.”