Aegon Asset Management may have been tempted to exit its poorly performing equities business, but with 40% of its assets under management, it is too large to discard. Andrew Fleming, managing director of Edinburgh-based Aegon, faces the difficult task of making it pull its weight.

Aegon insiders say its poor performance resulted in the departure in October of managing director Colin McLatchie. They say he left after Aegon UK's new chief executive, Otto Thoresen, decided it was vital to bring the division back on track. Fixed income makes up the balance of the group's £35bn (€51bn) assets.