Aegon To Launch Multi-manager Investment Company

Cofunds chief executive David Hobbs will become managing director for investments and chief executive of Aegon Investments, the new multi-manager investment company, following the sale of the Cofunds platform for £140m in August 2016, which completed in January last year.

Aegon said he would continue to lead the Cofunds business through the integration period and will continue to be a director of Cofunds. 

Currently Aegon's fund offering is limited to insured funds that are not compatible with the ISA or General Investment Accounts offered through our platform, the firm said, adding that it wants to provide intermediaries with a wide range of fund choices.

Platform sales lift in Q4 as 'wall of cash' trickles in

A spokesperson for Aegon said: "[We] will be launching a range of OEIC funds later this year to provide additional investment choice on the platform. The platform will remain open architecture and their addition is about providing intermediaries with further choice."

Adrian Grace is now Cofunds chief executive in addition to running Scottish Equitable and Aegon UK.

Grace said: "David has done an outstanding job at leading Cofunds and integrating the business into the Aegon family.

"There's a great deal of investment expertise within Cofunds and as we move from a life and pensions company to a broader investment platform business, David will use his undoubted skill to grow our investment business, including the new Aegon multi-asset fund range being launched later this year."

Cofunds launches DFM service

Other big changes to the senior team include Mark Till, currently chief distribution and marketing officer, who will start a newly created role as managing director for Aegon Digital Solutions.

He will be responsible for the company's platform, workplace and protection business and will continue to report to Grace. 

Richard Denning has been named chief transformation and digital officer.

Lastly, Ronnie Taylor will lead the sales teams as chief distribution officer. Taylor joins from Scottish Widows and has also held senior roles at Standard Life.

Strategic acquisitions 

Grace said: "In 2016, we split our business into two creating a new Digital Solutions business with some of the latest technologies and digital applications, including our investment platform.

"We now have the infrastructure, scale and momentum, in place, making it an appropriate time to appoint a managing director for this business.

"Aegon has transformed itself through two strategic acquisitions and it's important that our management structures reflect the focus of the business, aligning our structure to help grow the business while keeping the interests of our customers safe.

"Following the huge strides we've made, I'm delighted to appoint Mark to lead our expanded digital business, reflecting our compelling plans to build a service around the needs of intermediaries and their clients."

AIC's Sayers: Cofunds acquisition 'important step' for investment trusts

He added: "Richard's wider remit reflects both his skill in managing our operational areas and the continual strides we are taking to transform our digital proposition to better meet the needs of the intermediaries we serve. 

"Ronnie joins the company at an exciting time and has huge depth of experience in leading workplace and retail sales teams.

"He will play an important role as we look to build our position as the UK largest platform service for intermediaries and grow our workplace market share."