The insurer has decided to take a major step away from being a traditional life company towards becoming an intermediated, digital platform business, as it makes a raft of changes to its senior management team.
David Hobbs, currently chief executive of Cofunds, will take on the role of managing director for investments and chief executive of Aegon Investments, a multi-manager investment company Aegon is launching later this year.
Aegon UK’s fund offering is currently limited to insured funds which are not compatible with the Isa or general investment accounts offered through the platform, a spokesperson for Aegon confirmed.
The spokesperson said the new multi-manager investment company will provide intermediaries with a wide range of fund choice and will be launching a range of open-ended investment company (Oeic) funds later this year to provide additional investment choice on the platform.
“The platform will remain open architecture and their addition is about providing intermediaries with further choice. We will announce further information on the funds in due course,” the spokesperson said.
‘Well placed’
Commenting on the changes, chief executive Adrian Grace said the company now has the appropriate scale, infrastructure and momentum to appoint a managing director for the business.
“Aegon has transformed itself through two strategic acquisitions and it’s important that our management structures reflect the focus of the business, aligning our structure to help grow the business while keeping the interests of our customers safe,” Grace said.
Appointments
Hobbs will continue to lead the Cofunds business through the integration period and will report to Mark Till when he takes up the new role. Hobbs will continue to be a director of the platform.
Richard Denning, currently chief operating officer of digital solution at Aegon UK, will become chief transformation and digital officer with responsibility for the firm’s digital operations and IT.
Lastly, Ronnie Taylor will take on Till’s responsibilities for leading the sales teams in the role of chief distribution officer.
Taylor joins from Scottish Widows where he was responsible for distribution of its workplace, protection and direct propositions and has also held senior sales roles at Standard Life. Taylor will report to Till.
The firm said the changes will take effect in the coming months.
Standard Life
The move follows Standard Life Aberdeen selling its insurance arm to consolidator Phoenix Group for £3bn on 23 February.
Included in its full year financial results released on Friday, Standard Life Aberdeen announced the sale of its UK and European life insurance business to Phoenix Group in a cash and shares deal.
Standard Life Aberdeen will retain its UK retail platforms and advice business.
The spokesperson told PA‘s sister title Investment Adviser that the company has no plans to drop the “Life” part of Standard Life Aberdeen, stating that the business “retains control” of the Standard Life brand.
