View more on these topics

Cofunds deal important milestone for investment trusts


Aegon’s commitment to including investment companies in Cofunds following the acquisition of the platform is an important step in mainstreaming the investment vehicle for the advice community, says the AIC.

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 the UK.

As part of the announcement, Aegon confirmed Cofunds would offer investment trusts, ETFs, and all FTSE 350 stocks following the acquisition.

“It’s an important step towards investment companies becoming mainstream investments for financial advisers,” says AIC spokesperson Annabel Brodie-Smith. “It a big change from a couple of years ago.”

Brodie-Smith points out that FundsNetwork was the “trailblazer” introducing investment companies in November, while Old Mutual is currently improving its technology to be able to include them.

“Adviser purchases of investment companies have nearly tripled since RDR. The addition of these platforms should be a boost to adviser purchases,” she says.

A Cofunds spokesperson said: “Investment trusts and ETFs are currently offered on the Aegon platform, so as the platform is upgraded towards the end of the year as the deal completes, a broader investment range – including ETFs and investment trusts – will be extended to Cofunds intermediaries. The roadmap is currently being finalised.”

In July FundsNetwork announced it had increased its investment company offerings by a third bringing its total offering to 91.



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 […]

Powerful estate planning tools ignored or forgotten by wealthy Brits

Canada Life IHT Survey 2016 Only a quarter of wealthy Brits have sought professional estate planning advice to ensure their families don’t pay more tax than required More than a quarter don’t even have a will and just one in five have gifted money Many say they do not need these tools but families would […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment