Aegon poaches Friends Prov corporate head McMahon

Paul McMahon has stepped down as director of corporate at Friends Provident to become group marketing director at rival Aegon.

Colin Williams, previously distribution and marketing director at Friends Provident, will takeover McMahon's role with immediate effect.

Aegon says McMahon's appointment - he is expected to join later in the year - forms part of its programme to reshape its UK business as it repositions to focus on workplace savings and "at retirement" solutions.

He will also implement the compay's new marketing strategy as it prepares for the RDR.

McMahon was recruited to Friends Provident following Resolution plc's acquisition of Axa's life and pensions businesses.

He was previously managing director of corporate benefits at Axa, where he was responsible for the company's corporate pensions business.

McMahon held a number of director level roles at Axa and developed and led the build of Axa's wealth management proposition, Elevate, for the UK adviser market.

Aegon UK chief executive Otto Thoresen says: "Paul has specific skills in the wrap and platform markets which will dovetail well with Aegon's proposition development.

"The RDR will bring to significant change to our market and the changes we are making to our business now will ensure we are one of the winners in the future."

Andy Marchant, Aegon's life and pensions marketing director, will leave following McMahon's appointment.