Aegon has announced the acquisition of Cofunds (subject to regulatory approval) creating the UK’s largest platform business. The purchase signals our long term commitment to retail and workplace advisers.
Aegon has announced the acquisition of Cofunds (subject to regulatory approval) creating the UK’s largest platform business. The purchase follows our recent acquisition of BlackRock’s UK defined contribution platform and signals our long term commitment to retail and workplace advisers.
With our financial strength and commitment to the retail and workplace market, we’re making a considerable investment in platform technology through this deal. If you’re already using Cofunds’ platform, you’ll automatically be upgraded to the enhanced version of our platform, and a roadmap for development and integration will be unveiled on completion of the deal in Q4.
Adrian Grace, Aegon UK Chief Executive said “From a standing start a few short years ago, we have transformed our business beyond all recognition. Aegon is now well on the journey from a traditional life and pensions provider to the largest workplace and retail platform business. We’re committed to growing our business alongside the intermediaries that we depend on and will use our enhanced scale to improve user experience, drive proposition enhancement and lower the cost over time”
The enhanced platform will provide Cofunds and Aegon platform users with a range of propositional improvements. In particular for Cofunds users these will include:
• a broader investment range – including ETFs, Investment Trusts, all FTSE-350 stocks and other stocks upon request;
• a focus on reducing paper and straight through processing;
• an integrated pension; and
• current pricing will be maintained or improved.
Reaction to the deal has been very supportive among both the press and influential commentators. The theme of certainty of ownership and the positive investment in systems has been a recurring theme in the coverage.
If you want to find out more please get in touch with your usual Aegon consultant.
Aegon UK offers retirement, workplace savings and protection solutions to around 2,000,000 customers, and employs approximately 2,100 staff. Revenue generating investments totalled £59 billion as at 31 December 2014.
As an international life insurance, pensions and asset management company, Aegon has businesses in over 25 markets in the Americas, Europe and Asia.
Aegon are the only multi-channel platform provider in the UK, servicing the workplace, advised and direct markets.
With award-winning digital retirement services, Aegon was named one of the 30 most innovative companies in the UK in the Market Gravity Innovation Insider Index 2015.
Visit www.aegon.co.uk/advisers for more information.