Aegon has confirmed technology provider FNZ will run a technology upgrade for its institutional arm as it announces a raft of changes at that business.
As part of its acquisition of Cofunds, which completed in January, Aegon agreed to support all of Cofunds’ institutional and bancassurance clients.
The upgrade with FNZ is expected to complete by the end of this year. The institutional service was previously powered by technology provider IFDS.
The new Aegon/Cofunds retail platform is using GBST technology.
Aegon says it is adding new features to the institutional service including non-Sterling fund capabilities, segregated accounts, and property authorised investment funds and tax exempt funds.
It has also hired Katrina Sartorius to the newly created role of institutional business director. Sartorius joins from securities depositary Euroclear, where she is FundsPlace global head.
Aegon chief distribution and marketing officer Mark Till says: “The key focus for the institutional business is to provide the best possible service by widening the current proposition and investing in our technology and with FNZ’s ability to provide rapid development in an increasingly changing regulatory landscape, we feel we’re well positioned.
Till says: “Aegon is fully committed to the institutional market and, as UK market leaders, we are well positioned to leverage our scale for the benefit of our clients.”
FNZ chief executive Adrian Durham adds: “We’re delighted to be working with Aegon to bring this proposition to the market and help provide a unique proposition for UK wealth managers.”