Five executive changes have been made at Aegon to reflect its shift from a traditional life company to an intermediated, digital platform business.
In 2016, the provider announced deals to buy Cofunds, an investment platform business which it bought for £140m in August 2016, and BlackRock's defined contribution businesses which it agreed to acquire in May 2016. The firm started integrating both businesses into Aegon last year.
The changes, which will take place over the next few months will see Adrian Grace - who has been Aegon UK's chief executive officer (CEO) for nine years - and heads up its Scottish Equitable business, become CEO of Cofunds.
Meanwhile, Mark Till, who has been a chief distribution and marketing officer at the firm for over two and a half years, will take up a newly-created role as managing director for Aegon Digital Solutions. In the role, he will be responsible for Aegon's platform, workplace and protection businesses, continuing to report to Grace.
Richard Denning will become chief transformation and digital officer with responsibility for Aegon's digital operations and information technology, and will report to both Till and Grace.
Denning has worked at Aegon for over seven years. He was first a platform development director for nearly four years, and then a chief operating officer for digital solutions for over three years.
Ronnie Taylor will take on Till's responsibilities for leading the sales teams in the role of chief distribution officer. He joins from Scottish Widows where he left last May, and was responsible for distribution of their workplace, protection and direct propositions. He will report to Till.
Lastly, David Hobbs, who has been CEO of Cofunds for nearly four and a half years will take on a new role as managing director for investments and CEO of Aegon Investments - the new multi-manager investment company Aegon is launching later this year.
The firm has said it wants to provide intermediaries with a wide range of fund choice and will be launching a range of open ended investment company funds later this year to provide additional investment choice on the platform. It has not yet confirmed its launch date.
Hobbs will continue to lead the Cofunds business through the integration period and will report to Mark Till when he takes up the new role. However, he will still be a director at Cofunds.
Grace said: "We now have the infrastructure, scale and momentum, in place, making it an appropriate time to appoint a managing director for this business."
He added it is important that its management structures reflect the focus of the business to align its structure, to help grow the business while keeping the interests of its 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.
"David has done an outstanding job at leading Cofunds and integrating the business into the Aegon family.
"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'll 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."
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