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Aegon brings in KPMG for £8bn Nationwide Cofunds migration

Management consultancy KPMG will be supporting Aegon to replatform £8bn of Nationwide assets from Cofunds to its new platform, Money Marketing understands.

According to industry sources KPMG will be providing management consultancy support to the project which follows the insurer’s complaint-addled project to replatform Cofunds clients in May.

Aegon purchased both the Cofunds retail platform, its institutional platform and its Investor Portfolio Service, which holds the Nationwide assets, from Legal and General in 2016.

Aegon said it would be moving all but the institutional platform over to an upgraded technology system powered by GBST. The institutional platform, holding £40 billion of assets, will be powered by FNZ.

An Aegon spokesman told Money Marketing it cannot yet confirm a timeframe for the IPS migration.

He said: “We are in close discussion with Nationwide regarding the timings for the project and will confirm a date in due course.

“Aegon will be managing and delivering this project itself, but will be drawing on support from a range of third parties.”

In a 2017 strategy presentation Aegon lists KPMG as one of its “external resources” it is using as part of a strategy to “ensure clear management and control.”

Aegon created a clone of its Aegon Retirement Choices platform which it moved Cofunds clients on to. Clients on the original Aegon platform will be migrated to the same new system later this year.

In June, Aegon apologised to advisers for the disruption and moved 200 employees to its operations team to help deal with further issues.

KPMG also worked with Quilter’s Old Mutual Wealth replatforming project. A 2015 financial statement described the management consultant as providing “programme assurance.”

Quilter switched its platform technology provider from IFDS to FNZ in 2017 it has also contracted consultancy Deloitte for support on the project.

Quilter says that while KPMG did conduct a review when the programme was set up, they are no longer involved, but Deloitte remain engaged by the firm.

At the point of moving suppliers Old Mutual Wealth had spent £330m on the project and was predicting an overall project spend of £450m.

Ascentric is another platform client of Deloitte, enlisting support for its own replatforming project in 2016.

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