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Aegon teams with Novia for wrap launch

Aegon UK has confirmed it plans to enter the platform market later this year, as revealed by Money Marketing in January 2010.

The firm will use Novia to provide the wrap administration for up to five years.

The platform will be powered by GBST.

Aegon chief executive Adrian Grace says: “We’re bringing together the bespoke technology and leading edge capability of an independent platform provider with Aegon’s renowned heritage and expertise in pensions and strong position in the adviser market.”

The Aegon ‘at retirement’ platform will begin a phased rollout from autumn 2011.

Novia chief executive Bill Vasilieff says: “We are delighted to have been chosen by Aegon to support delivery of its platform proposition.”

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

  1. Great for Novia yes. However, take some time to think about the industry, Novia are powered by GBST whose platform tech is good and way ahead of Bravura in my opinion. I believe that Novia act as custodian and who are a very small company. How on earth can you compare Novia to Selestia when you talk of due diligence? This is the same as Steve Sands leaving Standard Life to set up a company in his back garden, acting as a custodian and going to GBST for the tech to run it on, then nicking a few ex staff.

    Consider this honestly, do you really think that Novia and Nucleus will be here in say five years time? Aviva Wrap run Bravura tech and have deep pockets. Nucleus sells their Wrap largely based on the premise of future value through flotation. Moving a book of business to Aviva would be pretty straight forward, this is then somewhat of a paradox.

    Now consider Aegon running GBST through Novia who also have deep pockets and are prone to white elephant purchase (Positive Solutions). Aegon bought the sales force without the power (what is now TP) who runs the technology behind it. TP have done a deal with SEI who are undoubtedly the best tech in the world but only goes after the biggest IFA’s and banks.

    This is now turning into a mess! If Aegon saw significant assets they could buy Novia from spare change, go back to TP and get it right this time by buying the intellectual property rights and have a network (PS), direct offering (TP) and a world class platform powered by SEI. Alternatively, they could transfer all clients from SEI and snap up GBST.

    In conclusion, life co’s are enormously powerful and they are not going to walk away from the industry. The prediction is that post RDR tradition plans will be be booted out and platforms will reign in order to delievr service. I don’t disagree with this but both Bill and David will make a large amount of money from selling the AUM back to the life co and the cycle is complete. This isn’t cynicism this is normal business.

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