The Dutch insurance company Aegon is hiving off the active equity fund management part of its €75 billion ($115 billion) Netherlands operation to two new hedge funds in which it will also invest about $650 million. The move, reported by the Financial Times, follows Aegon’s decision to split its €7billion - €10 billion of investments in shares into active and passive strategies, with most of the money put into index tracking portfolios. Aegon’s strategy underscores how hedge funds are becoming increasingly part of the mainstream investment universe for high net worth and institutional investors. Aegon will retain a controlling stake in both Pelargos Capital, which will invest in Asia, and Saemor Capital, which will invest in Europe, with management owning the remainder, the FT said. Both hedge funds will aim to raise third-party capital in addition to the Aegon initial investment.