Aegon Asset Management is rebranding as Kames Capital in a bid to differentiate it away from its insurance business.

Scottish insurer Aegon says it is rebranding its UK asset management arm, which will come into effect on 1 September, ‘to enhance its distinctive investment propositions and to support the growth of the business’. It also says there is confusion among financial advisers between Aegon Asset Management and the other Aegon brands in the UK, which are mainly focused on life and pensions products rather than investment management.

‘The asset management industry is increasingly competitive and we need a brand that reflects this and our ambitions,’ it says.

The move comes just two years after Aegon Asset Management launched. The business manages 20 funds, with emphasis on fixed income, UK equity, multi-asset and property. Its Ethical Equity Fund is one of its best long-term performers, returning 86 per cent over the past seven years.

Kames Capital will be headed by Andrew Fleming (pictured) and will continue to manage insured funds on behalf of Aegon UK, while also focusing on growing in the wider investment management market.

‘We believe the clarity and distinctiveness of the new Kames Capital brand will allow us to accelerate our growth and build on the success we have achieved to date with our UK-based expertise,’ says Fleming.

On 1 September all Aegon Asset Management funds will be renamed as Kames Capital. Aegon says the new name was chosen because it is a ‘bold, powerful name which reflects our Scottish heritage’. Kames is a village in East Ayrshire, while Henry Home, Lord Kames was a central figure of the Scottish Enlightenment in the 18th century.

Aegon Asset Management has €55 billion (£48 billion) assets under management in the UK.