Cofunds boss replaced in Aegon reshuffle

Cofunds boss replaced in Aegon reshuffle

Aegon has reshuffled its senior management as it moves closer to fully absorbing platform Cofunds into its ranks.

Adrian Grace, chief executive of Cofunds, has also taken over CEO duties for Cofunds replacing David Hobbs.

Mr Hobbs is to move to a new role as managing director of investments and chief executive of Aegon Investments, a new multi-manager investment business being launched by Aegon later this year.

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Aegon acquired Cofunds for £140m in August 2016. It announced last year that the Cofunds brand is to be killed off when the integration of the platform into the life and pensions businesses is complete.

All Cofunds clients will transfer to the Aegon platform, Arc, in a move the company said will simplify its business.

In his new role, Mr Hobbs will report to Martin Till. Mr Till, previously chief distribution and marketing officer at Aegon, takes over as managing director of Aegon Digital Solutions, a role which involves him having overall responsibility for the workplace, protection, and platform businesses.

Mr 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.”