AEGON UK has completed the transfer of Nationwide Building Society‘s financial planning service into its own business.
This includes more than 300 jobs moving from Nationwide to Aegon UK and the creation of Aegon Financial Planning.
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Furthermore, this is an extension to the existing strategic partnership between Nationwide and Aegon that was announced in August 2023.
As part of the governance of Origen, a wholly owned part of Aegon UK, the new service will provide dedicated ongoing support for Nationwide customers around investment products.
Mike Holliday-Williams, CEO of Aegon UK, commented: “It gives me great pleasure to welcome more than 300 new skilled and experienced colleagues to Aegon UK.
“We’re extremely positive about this new business service, and the scale of the strategic move which is energised by the £5bn volume of assets under advisement.
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By GlobalData“The completion of the transfer marks a significant step in Aegon’s strategy to be the leading digital platform in the UK, driving forward our pension and investment propositions in our key Retail and Workplace markets for the benefit of all of our customers, advisers and employers.
“Our customers can be secure in the knowledge that Aegon UK is committed to providing them with the support they require to look after their immediate and long-term financial wellbeing.”
Tim Orton, chief executive of Origen, added: “Since announcing the extension of our strategic partnership in August 2023, we have been working to ensure a smooth transition and continuity of service for our Nationwide customers, and I’m delighted to welcome our new colleagues as we embark on the next part of this journey.
“The addition of Aegon Financial Planning acts to complement our existing Corporate, Wealth and Private Client services, ensuring all our customers can access effective advice to help them build a brighter financial future.”
The firm reported a net loss of €199m ($216.49m) in the first half (H1) of 2023, as against a net profit of €46m a year ago.
For the six months ending 30 June 2023, the company’s net result before tax also stood at a loss of €232m.
Aegon has attributed this decline in net results to previously announced investments and assumptions in the US to support the company’s future growth.
