Aegon has altered the structure of its UK operations and created two new businesses which the firm argues will enable it to better anticipate and respond to the needs of its core markets.
While the new firms will not affect the known brands, two additional divisions have been created while Aegon Asset Management UK and Origen and Positive Solutions - Aegon IFA businesses - will be unaffected by the changes.
Aegon Corporate encorporates its corporate pensions and employee benefits teams together with the Benefit Solutions and HS Administrative Services divisions, will focus on corporate customers businesses and workplace financial services solutions.
Aegon Individual will focus on individuals' long-term savings and protection needs and brings together the group’s individual pension team, its onshore and offshore life businesses as well as the individual protection business.
Maurice Brunet has been appointed director of Aegon Corporate, moving from the position of operations director of Aegon’s life and pensions business, while Peter Dornan, currently managing director of Aegon UK Distribution, will now make Aegon Individual his main focus.
The company has also created a new role for Graham Dumble as director of risk and regulation, as Aegon notes there is increasing importance on the effective management risk and regulatory issues by the firm, particularly in light of developments in capital management and the FSA's focus on treating customers fairly.
Otto Thoresen, chief executive of Aegon UK, says: “We are putting our two core customer groups and their needs at the centre of our business strategy to enable us to develop new propositions that will reflect their changing requirements and anticipate their future needs.”
He adds: “Risk and regulatory management will be critical to our success as a business. If the long-term savings industry is to regain consumer confidence it is essential that this constitutes an integral part of business strategy.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7484 9558 or email [email protected].IFAonline
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