Aegon has completed the first stage of moving Cofunds customers onto its new combined platform, transferring 79,000 investors over Christmas.
Those that were moved were non-advised investor portfolio service customers, mostly from building societies.
Cofunds’ advised clients are expected to move to the new platform in May. On announcing the timeframes in November, Aegon said advisers did not want their clients transferred in the run up to tax year end and also wanted time to allow Mifid II rules to bed in.
Aegon says it has started informing advisers about what they can expect from the new platform and how the migration of clients will be managed.
Aegon chief distribution and marketing officer Mark Till says: “We’ve completed the first big milestone as we seek to combine the best of the Aegon and Cofunds services. The successful upgrade of 79,000 IPS customers to a more modern service based on Aegon’s platform technology gives us a great deal of confidence in our approach.”
Till says the upgrade work is still on budget and on track.