Aegon Asset Management is set to lose its chief executive, Russell Hogan, next year, but he is expected to take on a more strategic role with its Dutch insurer parent, Aegon.

Hogan, in his late 30s, has been doubling up as the £34bn (€54bn) fund managers' chief executive and chief investment officer since Tom Crombie left at the end of last year. Although this double responsibility came to an end earlier this month when Wendy Hay, formerly of Standard Life Investments, came on board as chief investment officer, it is understood that Hogan still feels he wants more time to pursue his non-business interests.