ScotEq's head of sales for international products, Richard Leeson, has been made redundant at Scotti...
ScotEq's head of sales for international products, Richard Leeson, has been made redundant at Scottish Equitable as the UK and offshore investment sales teams are merging.
Aegon UK announced several weeks ago it intends to cut around 600 people and from all departments.
However, officials say the reduction of the international team is not directly related to Aegon UK redundancies.
Even though the international division has had one of its most successful years to date - with sales up by 32% in the first nine months compared with 2001 and total sales of around £1.6m - Aegon believes it can offer a better service by closely aligning the international and domestic sales teams and directing interest in offshore products to UK-based teams.
An official statement from Aegon UK says:
"Scottish Equitable is to create a centralised personal investment sales team which will work with its branch network to maximise sales of both onshore and offshore bonds."
The statement continues:
"The company believes that the successful launch of its next generation with-profits funds will lead to an increase in sales of these products in the short to medium term, and that the new sales structure will be a key factor in achieving this."
Leeson previously worked for Clerical Medical before moving to Scottish Equitable.
IFAonline will publish further details as we receive them
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