Aegon appoints new distribution chief

Aegon executive chairman of distribution Patrick Gale has left the firm and will be replaced by UK strategy director Rob Waller.

Gale (pictured) joined Aegon as chairman of the distribution board in March 2010. He was subsequently made executive chairman of distribution in June 2011 to “ensure strong operational performance” in Positive Solutions and Origen, Aegon’s two distribution businesses.

Waller’s appointment as Gale’s replacement is subject to FSA approval.

Aegon UK chief executive Adrian Grace says: “Over the past three years, Patrick has led the successful transformation of Origen and Positive Solutions and I’d like to thank him for leading both businesses in the run up to RDR and wish him well for the future.”

Origen and PosSol have recorded a series of combined losses in recent years. In 2010 total losses were £5m and in 2011 the companies lost £6m.

The two businesses also reported combined losses of £2m in the first three quarters of 2012.