change at asset manager

Aegon scraps Kames Capital brand in Europe-wide revamp

Asset manager will be absorbed by parent

Aegon is to scrap its Kames Capital brand and absorb it into the parent group as it integrates its US and European businesses.

The combination will create a new European business to take on rivals such as Mellon, Credit Suisse and Janus Henderson, although it ranks at about 60th largest asset manager globally.

The new investment business, which will have £303bn in assets under management, will be led by Aegon Asset Management global chief executive Bas NieuweWeme.

Fund managers and the investment processes will remain the same, Aegon says.

It will organise its teams across four “investment platforms”, fixed income, real assets, equities and multi-asset and solutions.

The Kames Capital and TKP Investments brands will be phased out in 2020, but Aegon says it remains “fully committed to its fiduciary and multi-manager services”.

Kames has seen a series of star managers leave the business and data from fund research group Morningstar estimates £3.3 billion has been withdrawn from the funds after star manager Stephen Snowden exited to join Artemis a year ago. He was joined by colleagues David Ennett and Stephen Baines.

Aegon Asset Management head of wholesale Steve Kenny exited in October last year following 16 years at the company.

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