Aegon Asset Management is to rebrand as Kames Capital from 1 September.

The firm, which was launched two years ago, will remain part of Aegon UK and continue to be run by Andrew Fleming, head of Aegon Asset Management’s UK business. It currently has £48.7bn assets under management.

Aegon says the rebrand will help to create a clear distinction between the firm as a specialist investment management firm and other parts of Aegon which focus on the life and pension business.

Kames Capital was chosen as a “bold, powerful name which reflects our Scottish heritage.”

Aegon Asset Management chief executive Sarah Russell said: “The decision to rebrand our UK business reflects our desire to ensure alignment with the specific needs of all our customers. The Aegon Asset Management brand is a highly regarded symbol of investment expertise we have developed to support our insurance businesses. In distinguishing our UK investment management activities under the Kames Capital brand, we will highlight our capabilities for investors in the external market.”

Mr Fleming said: “We believe the clarity and distinctiveness of the new Kames Capital brand will allow us to accelerate our growth and build on the success we have achieved to date with our UK based expertise.”

Kames Capital will continue to manage insured funds on behalf of Aegon’s insurance companies in the UK while also focusing on increasing growth in the wider investment management market.