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Aegon axing up to 600 staff as it buys IFAs

Aegon UK is shedding around 600 of its staff in proportion to the number of IFAs it buys.

It has already added 400 people following its deals for IFAs Momentum, Advisory & Brokerage Services and half of Wentworth Rose.

Jobs will go at Aegon UK&#39s and Scottish Equitable&#39s headquarters in Edinburgh and Lytham St Annes for every IFA bought, so overall the firm&#39s job tally will stay steady.

The company says it hopes that most job losses will be voluntary or natural wastage. The firm says its investment in distribution will continue.

Group development director Gavin Stewart left the firm last week by mutual agreement in what Aegon says is an unconnected move.

Stewart, formerly marketing director at Scottish Amicable, oversaw the company&#39s new distribution initiatives, including its direct-selling arm, and he also had the job of setting up bancassurance deals but none has yet developed.

Aegon says it has invested £100m in technology which it expects to result in cost savings of £40m next year.

Chief executive David Henderson claims the moves are part of a bid to become a top five player.

Public affairs manager Scott White says: “Any company that cannot identify changes and adapt to change will suffer. Gavin left with our best wishes but his job was changing and he chose to leave to pursue other interests.”

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