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Cofunds buys its back office from M&G

Cofunds is to buy its back-office from M&G for a consideration of £3.7m next week.

M&G was awarded the Cofunds administration contract last August, and will now hand the operations over to Cofunds. The deal will see the 200 admin staff switched onto Cofunds’ books, but they will remain located in Chelmsford.

Cofunds chief executive Sam Jensen says: "Cofunds believes that this strategic acquisition will strengthen our independence, allow us to develop even stronger partnerships with our intermediary clients and continue to enhance our range of products and services."

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