UK - AEGON Asset Management has named ABN Amro’s Andrew Fleming as chief investment officer for its 50-strong investment team following a shake-up of top management.

Fleming, who had the same function at ABN Amro Asset Management, succeeds Wendy Hay, who was recruited from Standard Life and departed on September with 12 of the group’s analysts.

AEGON said Fleming’s appointment had immediate effect.

AEGON AM spokesman Tony Bonsignore told IPE that Hay left “for personal reasons” while for the analysts it was a case of an internal re-structure, which left room for fewer employees.

ABN Amro did not return calls.

Colin McLatchie, managing director at AEGON Asset Management UK, said in a statement: "In investment management, the CIO sets the tone. The job demands both impeccable investment credentials and proven leadership skills.”

“During our search it became clear that Andrew Fleming was the outstanding candidate in both respects. So I am very happy to announce his appointment as CIO, with immediate effect,” he continued.

Fleming said: "I am delighted to be joining AEGON Asset Management. This is an ambitious organisation, with an excellent pool of talent and capability on which to build. I look forward to working with Colin and the rest of my colleagues."

Earlier this week Russell/Mellon Ranked AEGON’s UK Equity fund, which has £230m under management, 84th out of 90 UK equity pension funds in 2004.

According to the same study, AEGON’s balanced fund, with £126m, ended 2004 in 60th position.

The Edinburgh-based asset management arm of the Dutch insurer AEGON, has £33bn under management.