Aegon Asset Management has signalled the growing importance of hedge fund techniques in mainstream investing with the appointment of Scott Jamieson to a new post of head of structured products.

Jamieson resurfaces more than three years after being ousted from Abbey National, where he had founded and led the group's Talorcan hedge fund business since 2001, in a departure which first signalled the group's retreat from Glasgow. Jamieson had been with Abbey for 20 years.

He subsequently founded his own consultancy, BCS, and more recently worked in Glasgow as senior investment consultant with Hymans Robertson.

Although nominally in the fixed income team, Jamieson will be "responsible for developing structured product opportunities and derivative solutions for Aegon Asset Management's clients".

Andrew Fleming, manag- ing director of AAM, said those clients would include the insurer itself. "The asset manager can help manage the capital of the insurer more effectively which is more akin to something that an investment bank might offer."

He added that in fixed income markets, liquidity was increasingly moving from cash and bonds into derivatives, while for clients' needs, "we need to make sure we are well positioned for that".

Fleming added: "The use of derivatives plays an increasingly important role in investment management, and proper management of these instruments within a risk controlled environment can add value and create significant opportunities.

"With the wealth of experience Scott brings, his addition to our team will enhance our expertise in this area and offer more opportunities to our clients."