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Aegon eyes new tech partner for institutional arm

Technology provider FNZ is thought to be involved in the discussions

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Aegon is in talks with a number of firms about outsourcing the technology powering the institutional business it inherited through its acquisition of Cofunds.

Money Marketing understands technology provider FNZ is one of the providers involved in the discussions.

As part of its acquisition of Cofunds, which completed in January, Aegon agreed to support all of Cofunds’ institutional and bancassurance clients.

The service is currently powered by technology provider IFDS.

An Aegon spokesman says: “From the outset Aegon has committed to the institutional service which was a key part of the purchase of Cofunds. The service is a trading and settlement platform for financial institutions that wish to outsource dealing of funds.

“The service sits well with our broader commitment to the adviser market and we see the service as a growth opportunity.”

He adds: “In line with our strategy to upgrade the technology used by Cofunds, plans are progressing well to deliver an enhanced proposition for the benefit of institutional customers. We’ve had discussions with a range of partners and potential partners regarding whether they can help with the upgraded Cofunds/Aegon proposition but no decisions have been taken.”

As part of the Cofunds acquisition Aegon also inherited Legal & General’s Investor Portfolio Service platform powered by Cofunds.

According to Cofunds 2016 annual results, assets and liabilities totalling £12.1m were transferred to Cofunds from L&G for a “consideration of £1”.

Aegon announced last August it would continue to manage Nationwide’s online investment management service through that platform.

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