Transamerica Ventures, the new corporate venturing unit of Netherlands-based insurer Aegon, made the decision to base itself in New York, reflecting that city’s status as a dominant force in financial services.

Georg Schwegler, who joined Aegon to head Transamerica Ventures last year, said: “There is a lot of money coming from New York-based investors into the fintech seed stage, so it makes sense to be here.” He said Transamerica Ventures was investing €100m and had done five deals so far.

Schwegler is reporting to the head of the strategy unit, with a number of the group’s regional heads and chief technology officer advising on the investment decisions. Top-ranking executives, including the CEO, sit on its advisory committee and help with the underlying investment strategy.

Schwegler explained the group’s management composition. “I wanted to create the unit in a way in which we can show the top management what digital technology trends are driving the market and how deals are finding their way into the organisation, so they know what the companies are doing and keep an open perspective. It makes a difference if they have a chance to interact with the companies directly.”

He said the unit currently numbered three people, and was investing principally in the US and Europe, although it would also consider deals in Asia and other parts of the world later.