Maybe someone will post an easier way to do it, but I think this will do the job you're looking for:
![OuterGlow.jpg](./download/file.php?id=58533&sid=50a3e497bbf1b44efedf39f31543bb39)
- OuterGlow.jpg (103.37 KiB) Viewed 674 times
Here's what I did:
MediaIn1 is just some random footage I grabbed for the test.
Ellipse1 is a circle that is applied to the Effect Mask input of the test footage to give me an object with a transparent background similar to the image you posted. You can see the result in the left viewer pane. I'm going to refer to the visible part of this as the "object".
Background1 is set to a yellow colour - on its own it fills the frame with that color but I fed its Effect Mask input with the object footage - that uses the transparency of the object to limit the colour to just the area covered by the object itself. The result is a solid yellow circle that's exactly the same size and shape as the object. This is later merged behind the object, and if that was all there was to it then it would be completely hidden behind the object, except that:
Transform1 takes the yellow background circle and allows you to enlarge it so that it will "peek out" from around the edges of the object, and it also allows you to move the circle up/down + left/right in case you want the "glow" to be offset from the centre a bit.
Blur1 blurs the edges of the background circle, which sells the "glow" part of the effect
And finally Merge1 puts the blurred circle behind the object, showing the result visible in the right viewer pane.