AEGON lays off 30 in Cedar Rapids

CEDAR RAPIDS - AEGON on Tuesday announced the layoff of 60 employees this year in its AEGON Asset Management unit, including 30 in Cedar Rapids

“Over the past two years, in a challenging business environment, AEGON has taken a number of steps to improve business performance, lower expense and sharpen our focus on core businesses,” the company said in a statement. ”As a result, AEGON Asset Management will be reducing staff in order to better align their resources with the size and scale of the business.

“Approximately 30 positions in Cedar Rapids and a similar number in Louisville, Ky., will be reduced during 2011.”

Cindy Nodorft, AEGON manager of corporate communications, said the company is working with employees who will be affected by the layoff and they will be able to apply for other openings within the company. She said employees who do not remain with AEGON will be provided a minimum of 60 days paid notice and those who stay until their termination date will be provided separation pay and benefits as well as job placement assistance.

AEGON Asset Management, which has businesses in over 20 countries in Europe, the Americas and Asia, manages approximately $276.4 billion on behalf of individual investors, financial institutions, pension funds and insurance companies around the world.

AEGON's statement also addressed a rumor circulated in recent weeks that it is moving its Cedar Rapids operations to Baltimore.

“Cedar Rapids is our largest location. Our commitment to this community as a primary operating site has not changed.”