View more on these topics

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.


Robo firms’ assets and customer numbers creep up

Robo firms saw their assets under advice grow by more than 80 per cent in the 12 months to the end of the second quarter as customer numbers also boosted. Analysis from consultancy Boring Money on the DIY investment market shows robo advisers saw AUA increase to £2.6bn from £1.4bn 12 months ago. Users of […]

Equity release a growing market for solicitors – Pru

Research from Prudential conducted among UK private client solicitors shows a growing need for advisory work in equity release. Twenty nine per cent of solicitors believe demand for legal guidance in the area of equity release will increase in the next five years and over the last two years, one in four (26 per cent) […]


Lifetime Isa sales fall short of predictions

The number of Lifetime Isa sales in the product’s first year have fallen around 34,000 short of government expectations. Savers have also placed around £400 less into the vehicle than predicted, according to statistics from HM Revenue and Customs this morning. There have been 166,000 accounts taken out in the first twelve months of the […]

Choosing the key to success

Client segmentation debate thrown open by Prod rules

The reaction of one adviser to hearing about the FCA’s new Product Intervention and Product Governance Sourcebook, commonly known as Prod, sums up how many are feeling I imagine: “One more thing to worry about, excellent!” Essentially, Prod means advisers will need some form of process in place to make sure the right target markets […]

Looking to buy EM equities on weakness

With economic growth beginning to look like it’s picking up a little, Trevor Greetham, Head of Multi Asset at Royal London Asset Management considers whether it’s time to be looking at buying dips in emerging market equities. Read the article here Past performance is no guide to the future. The value of investments and the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm