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Aegon puts Patrick Gale in charge of distribution

Aegon has appointed Patrick Gale as executive chairman of distribution.

The provider says Gale (pictured) will play a more proactive role in “ensuring strong operational performance” in its distribution businesses Positive Solutions and Origen.

PosSol chief executive Jim Reeve and Origen managing director Stephen Greenstreet will report directly to Gale.

Aegon chief executive Adrian Grace says: “Positive Solutions and Origen have made a number of changes in recent years to get ready for RDR and strong business performance will be critical to future success.

“It’s important we make the most of the expertise available to use and Patrick will be able to bring his considerable experience to bear in this new role.”

In May, PosSol and Origen posted a combined loss of £2m for the first three months of 2011.

This followed a loss of £5m in 2010 and £16m in 2009.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. loss,loss,loss.Flawed businees model based on commission deals to IFAS,too late for the wrap market,gambled on distribution wrongly re IFA purchases.

    Think their future is workplace marketing.Don’t make me laugh.Sinking ship,dutch will pull out and any purchaser seeing this is a viable business going forward needs their head seen to.

    Resolution will be happy to take the ongoing charges and fund management costs – another zombie company like my old one NPI

  2. It will be interesting to see how many more millions PS and O lose before Aegon see sense and close them down.

    Let’s face it, without the deep pockets of a life co
    to bail out this ‘business’ model it would have gone bust years ago! Its amazing that Aegon have thrown millions upon millions at this, with no result other than more losses.

    Maybe, just maybe RDR might be the catalyst for Aegon to see sense?

  3. so once again we see those who could’nt make it in their other job get a second chance!
    when will Boards realise that a track record of below performances is not a reason to give a person a vitally important job.

  4. The first thing he wants to do is get rid of Jim Reeve and all the other comfort zone employees who do nothing for the company. Our fees are going up to pay for these people and more will leave until it comes a time their will be no one left earning anything to pay them. Patrick Gale needs to stand up and be counted and sort the mess out. Million pound salary. What a Joke.

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