Aegon AM told this news service that it wants to focus its Asian activities on a new Wholly Foreign Owned Enterprise and Chinese JV, run from Shanghai.

Aegon Asset Management, has shut its Hong Kong operations and is also going to close its Japan business. The firm said in an emailed statement that it has "discontinued its distribution activities in Asia with the exception of China, following a strategic review of its business."

Aegon AM said it will focus its Asian activities on its newly-launched, Shanghai-based, Wholly Foreign Owned Enterprise (WFOE) and its Chinese joint venture Aegon Industrial Fund Management Company (AIFMC). Aegon AM will close its branch in Japan and relinquish its distribution licences in Japan and Hong Kong.

"By ceasing distribution in the wider Asia market, it will free resources to invest in its core markets in Europe and the US, while broadening its fund offering via the WFOE and strengthening its cooperation with AIFMC in China," it said.

Aegon AM has been licensed in Hong Kong by the Securities and Future Commission since April 2012. The regulator’s online registry of institutions states that Aegon AM has “ceased business of regulated activities.”

This news service understands that Aegon AM had two people in Japan, who have now left the business and four in Hong Kong. One person remains in the Hong Kong office – which hasn't been closed – and continues to support its mainland China business; a second person, who has returned to the UK, will continue to work from London to support clients there. Another two people have left Aegon.

Aegon Group has €315 billion ($313.73 billion) of assets under management.