Aegon, the Netherlands-based life insurance, pension and investment company, has appointed Sarah Russell as chief executive of its global asset management business, as the group continues the process of integrating the management of its businesses.

Russell, latterly CEO of ABN Amro Asset Management, will be leading Aegon Asset Management, the business officially launched last year "as part of a wider objective to manage Aegon more as one international company,” the firm said in a statement. The business groups together asset management businesses in North America, Europe and Asia.

In her new role, which she will take up on 1 August, Russell replaces Erik van Houwelingen who has left Aegon to pursue other career opportunities.

"Her [Russell’s] appointment comes at an important time following the successful start-up phase of this new business over the past two years. Sarah will be charged with leading Aegon Asset Management into a new period of development and growth, in line with our ambitions,” said group CEO Alex Wynaendts.

Russell's appointment remains subject to regulatory approval.