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Aegon UK COO Black quits to be consultant

Aegon UK chief operating officer for distribution Iain Black has left the firm.

Black was appointed in March last year but quit Aegon at the end of September with the aim of moving into a consultancy role within financial services.
His duties will be taken over by chairman of distribution Patrick Gale, who was also appointed in March last year to oversee IFA interests.

Gale will remain responsible for working with Aegon’s distribution firms Positive Solutions and Origen.

As a result of his departure, Black has ended tenure as a director of Aegon-owned Positive Solutions and Tenet, in which Aegon has a 22.5 per cent stake.
An Aegon spokeswoman says: “We thank Ian for his contribution and wish him all the best for the future.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “You have to wonder if it is sensible for Aegon to continue to be involved in the sharp end of distribution.”

In September, Aegon UK axed another 116 jobs and closed its affinity group advice service Aegon Direct as part of its continued cost-cutting programme. The cuts included the loss of 17 roles within Aegon Direct which will close by the end of the year. It has so far cut 1,106 jobs since January 2010 as part of a move to reduce overall costs by 25 per cent.

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