Although most recently managing director of Friends Provident’s corporate business, McMahon spent several years at Axa, where his responsibilities included, among other things, helping to build that company’s Elevate wrap platform, now used by many UK advisers to manage their clients assets.
Like other companies, Aegon is looking to enter the platform market as it enables advisers to look after clients transparently and cost-effectively, which will become crucial after the Retail Distribution Review takes effect in the UK in 2013.
Aegon has given few details thus far about its new platform, including its name or when exactly it is due to go live. However, it has said that it will focus initially on client and adviser needs in the ‘at retirement’ market, when people traditionally shift their assets around, and being able to assemble them all in one place can be useful and cost-effective.
Early next year, Aegon plans to launch a workplace savings platform, the company has said.
At Aegon, McMahon’s other duties will include overseeing marketing of the company’s existing range of pensions, investments and protection products, mainly to UK-based advisers. He will focus in particular on the ‘at retirement’ and workplace savings markets, Aegon said.
Aegon UK chief executive Adrian Grace said he believed McMahon would help to deliver “a market-leading platform” for the company.