Aegon to shut regional sales offices – 160 jobs at risk

Aegon chief executive Adrian Grace

Aegon plans to close all of its regional sales offices as part of a major restructure which could result in 160 job losses, Fundweb sister title Money Marketing can reveal.

Aegon held a meeting with its UK staff at 10am today during which it announced plans to close its six regional sales offices in the UK.

In addition, the provider will increase the number of “platform implementation” roles from 19 to 42 as it focuses resources on its ARC platform offering.

Aegon managing director of UK retail Duncan Jarrett says: “The distribution structure has served us fantastically well in the past, but we must evolve to provide for the adviser community, helping us to strengthen and develop profitable relationships for the future.”

It is the second major UK restructure Aegon has announced in three years. 

The last restructure, announced by Aegon group chief executive Alex Wynaendts in June 2010, saw the provider cut over 1,000 jobs in the UK as part of a restructure designed to reduce operating costs by 25 per cent by the end of 2011.