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Aegon takes direct route with new firm

Aegon is setting up a company to offer personal inv-estment products, including Isas and unit trusts, direct to consumers.

The 100-strong operation will be launched in the first half of next year in Stirling. Its brand name is still to be announced and products are still being developed but the operation is likely to focus on Isas and unit trusts.

Aegon insists the venture is not in competition with IFAs but will attract a new customer base of individuals who would not visit IFAs and who prefer to make investment decisions themselves.

The move is the brainchild of group development director Gavin Stewart, who joined Aegon from Scottish Amicable with the aim of expanding the business into new areas. The new company will operate as a separate division within the Aegon UK group.

Head of public affairs Scott White says: “The venture is designed to be complementary to our IFA businesses.

“We are looking to attract customers who are not currently within the Aegon catchment area.”

Informed Choice managing director Nick Bamford says: “If Aegon wants to explore other areas, good luck to them. It is good to know they are not aiming at IFA customers but it is widely recognised that IFAs are by far the best distribution channel with the best records for persistency.”


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