Kames Capital, the UK asset management arm of Aegon, has announced that Andrew Fleming has stepped down as joint chief executive and chief investment officer. The firm has now split these two roles.

Stephen Jones, currently co-head of fixed income, has been appointed as chief investment officer. Sarah Russell, chief executive of Aegon Asset Management, will assume the role of interim CEO at Kames Capital while a search is conducted for Fleming’s replacement. Both appointments are subject to regulatory approval.

Jones joined Kames Capital in 2002 from Britannic Asset Management, where he was an investment manager. In his new role as CIO he will expand his focus to cover all asset classes. The CEO will concentrate on strategy, governance and the development of Kames Capital as a distinct business within Aegon Asset Management.