Aegon Asset Management, part of life insurer Aegon, has appointed Bas NieuweWeme as its new CEO.

NieuweWeme will assume the new responsibility on 24 June 2019. He will replace Sarah Russell.

The leadership change already secured the green light from regulators.

Commenting on the management change, Russell noted: “It is the right time for new leadership that will steer the next stage of Aegon Asset Management’s development.”

NieuweWeme most recently served as the managing director and global head of the institutional relationship group at PGIM.

PGIM is the asset management arm of Prudential Financial.

Aegon CEO Alex Wynaendts said: “Sarah has been creating and building a successful global asset management business over the past nine years, which is now ready for the next stage of development.

“Bas’ appointment signals Aegon’s continuing commitment to build a growing and sustainably profitable business.

“Bas will bring a fresh perspective gained from having worked with leading global asset management firms, in the world’s largest markets.”

Aegon offers life insurance, pensions as well as asset management services across more than 20 countries in the Americas, Europe and Asia.

A couple of years ago, the firm snapped up Cofunds– the investment platform of Legal & General Group in the UK.