Aegon will push into asset management under its own name with the launch of a multi-manager business under the leadership of current Cofunds chief executive David Hobbs.
The Dutch-owned life company will launch a series of multi-asset funds under its own branding later this year.
It is a significant move for Aegon, which currently manages funds through Kames, the fund management business it owns.
Hobbs will lead the new business as chief executive and managing director for investments of Aegon Investments Limited. He will be replaced as Cofunds chief executive by Aegon's UK chief executive Adrian Grace (pictured).
It is the latest sign that life companies in the UK have shifted from traditional areas of business to become asset managers. Aegon bought Cofunds from Legal & General in 2016 for £140 million. The deal significantly boosted its platform assets. At the same time Aegon has been selling off its annuity books.
Grace said: '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.'
Aegon also announced a series of other changes to its leadership team. Mark Till, who is currently chief distribution and marketing officer, will become managing director for Aegon Digital Solutions. This will include oversight of the investment platform. Richard Denning has been appointed chief transformation officer and will report into Till.
Elsewhere in the business Aegon has appointed Ronnie Taylor from Scottish Widows to lead its sales team as chief distribution officer.