Aegon USA Spins Off Equity Unit, Company Will Install Billing Program

CEDAR RAPIDS, Iowa--Aegon USA Investment Management will spin off its equity portfolios as of July 1 as part of its strategy to focus on its core business of fixed income asset management. The equity spin off will create a new company called VMF Capital, which will employ 22 people and, like Aegon, be headquartered in Cedar Rapids.

VMF Capital will open its doors with about $700 million in assets under management derived primarily from both pension funds and high net worth individuals. Like