Aegon UK names Iain Black distribution chief

Aegon UK today unveiled Iain Black as chief operating officer (COO), distribution, and appointed former Sesame Group CEO Patrick Gale to its Distribution Board.

Black, previously managing director of Aegon's group risk business and heavily behind the launch of Aegon Ireland, will work alongside Origen managing director Stephen Greenstreet and Positive Solutions CEO Jim Reeve.

The national IFAs last year lost a combined £16m - down from a £1m deficit in 2008 - as a result of the adverse trading conditions, Aegon says in its 2009 results.

Former Sesame Group CEO Patrick Gale has been appointed chairman of Aegon's non-executive Distribution Board, which oversees the company's financial advice  businesses.

Aegon UK chief executive Otto Thoresen last week announced a restructuring of the business, creating two separate management boards - one for the life and pensions business and the other for its distribution arm, each with a COO.

Adrian Grace, currently Aegon UK's director of sales, distribution and development, was named COO, life and pensions.

"The RDR brings challenges for our adviser businesses and it is essential that we push through the same focus on delivery against strategy in Origen and Positive Solutions, as we do in our life and pensions business," Thoresen says.

"Iain Black is an accomplished leader of business change and organisational development, with an impressive track record of strategy delivery across different areas of our business.

"Patrick Gale brings a wealth of valuable experience and insight from inside the adviser community to the non-executive chairman role.

"Both Origen and Positive Solutions have made good progress over the last 12 months and I know that with Iain and Patrick working together with Stephen Greenstreet and Jim Reeve, we will achieve success for our adviser businesses."

Last week, Aegon announced chief risk officer (CRO) Mark Laidlaw has been promoted to a new role within Aegon N.V. Laidlaw will continue with his CRO responsibilities until a replacement is found.

Pensions operations director Feilim Mackle and marketing director Steve Clode have also left the company and will not be replaced.

Aegon announced its UK life and pensions new business fell 23% to £943m last year compared with 2008, although Q4 new business was up 9% on the previous three months on an APE basis.

Underlying earnings for the quarter were £30m, an increase of 131% on Q4 2008, while the Value of New Business (VNB) measure advanced 10% on Q3 to £32m.

Earnings for full year 2009 were £43m, down 62% from £113m in 2008.