BlackRock to acquire a minority stake in Generation Life from Generation Development Group for $25m.

BlackRock, an American global investment management corporation, agreed to acquire a minority stake in Generation Life, an Australian financial services company that offers tax-effective investment solutions, from Generation Development Group, a diversified Australian financial services company that specializes in wealth management, for $25m. “This transformational relationship brings together Generation Life’s innovation in retirement income with BlackRock’s global scale and expertise, delivering solutions that address the evolving needs of Australian retirees while creating long-term value for advisers, superannuation funds, and shareholders,” Grant Hackett OAM, Generation Development Group CEO.