GLOBAL - Aegon, the Dutch insurer and pension provider, today announced it will bring together its asset management operations in the US, the UK and the Netherlands into one entity.
The company intends to create a single, global organisation for its asset management activities globally - currently managing €271bn - to be launched at the beginning of January next year.
In a statement released today, Aegon said creating a global asset management business - branded as Aegon Asset Management - is part of the company's effort to manage itself as an international group.
Another "strategic priority" for Aegon will be to improve its growth and returns from existing businesses, as part of which, the company has announced it will develop "a new plan to deliver profitable growth in the Netherlands".
A spokesman told IPE the new plan is not a sign of underperformance of the Dutch operation in comparison to the other regions, rather it is a mission statement following the appointment of a new chief executive, Marco Keim, who started in his role today.
At the same time, Aegon has shuffled senior members of staff to take the helm of the new asset management organisation.
Erik van Houwelingen, currently a member of the management board of Aegon The Netherlands, will head up the Aegon Asset Management.
Eric Goodman, Aegon's chief investment officer for the US, will take charge of global general account management.
Andrew Fleming, currently CEO of Aegon UK Asset Management, has been appointed head of European asset management and will take charge of developing the firm's European third-party capability.
Under the restructured group, Aegon has pledged to implement a global framework for general account management, support the group's pension and unit-linked activities by building a European third-party capability, and develop increased flows of third party business.
The group announced last month its saw its assets under management (AuM) for the pension and asset management operation drop 8% in the first quarter of this year.
This decrease was because of negative currency effects and the market turbulences resulting in lower financial markets in the first quarter, according to Aegon. (See earlier IPE story: ‘Aegon sees pension and asset management decline')