Aegon to power Nationwide investment advice after Cofunds deal


Aegon has signed a deal to continue managing Nationwide’s online investment service following its acquisition of Cofunds.

Aegon confirmed its £140m acquisition of Cofunds last week after a verbal agreement in February.

Through the acquisition Aegon also inherited Investor Portfolio Service, a system where investments are managed online.

Nationwide has £8bn of assets managed through the service and the agreement with Aegon covers new and existing business.

Nationwide customers will see the same technology investment Aegon is planning for advisers using Cofunds.

Aegon chief distribution and marketing officer Mark Till says: “Our acquisition of Cofunds and IPS provides certainty over the long-term ownership of the business.

“We’ve made it very clear we intend to invest in the technology and service behind the business and it’s great news that Nationwide has expressed its confidence in Aegon and its business model by committing to continue to work with us for new and existing business.”

Nationwide financial planning, protection and investments divisional director Larry Banda says the building society looks forward to developing a “strong strategic partnership” with Aegon.



Advisers urge Aegon for heavy Cofunds investment

Advisers have registered a mixed response to Aegon’s acquisition of Cofunds with hopes the insurer will invest more in the platform than previous owner Legal & General, alongside price-hike concerns. Aegon confirmed its purchase of Cofunds for £140m in its results announcement this morning. The deal means Aegon will be the biggest platform provider in […]

Platforum head of intermediary research Miranda Seath

Platforum: Cofunds deal is shrewd but Aegon has to win over advisers

After a prolonged period of uncertainty, Aegon’s acquisition of Cofunds is good news for Cofunds users and good news for the industry. Whilst the sale of Cofunds for £140m represents a £65m net loss for Legal & General, it is in line with L&G’s stated strategic intent to focus on its corporate assets. Some might […]


Aegon confirms £140m deal for Cofunds

Aegon is to buy L&G-owned platform Cofunds for £140m, becoming the biggest platform provider in the UK. Money Marketing first revealed Aegon had made a verbal agreement to acquire Cofunds in February. The deal, announced this morning in Aegon’s results, ends months of speculation and will create a platform with assets under administration of around […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. A great opportunity for the national treasure that is Nationwide BUILDING SOCIETY to go from strength to strength for being the number one choice for financial services.

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