Aegon is close to signing a deal with technology provider FNZ to power the institutional service it bought from Cofunds, Professional Adviser understands.
Aegon acquired both Cofunds' institutional book as well as its retail book of business when it bought the firm last summer and completed the deal in January. It is estimated the institutional book is worth half of Cofunds' £83bn assets under management, all of which will remain under Aegon's umbrella. In keeping the institutional business estimated to be worth about £40bn, Aegon can continue to claim to be the biggest platform in the UK. The service is currently powered by IFDS, which was also recently dumped by Old Mutual Wealth in favour of FNZ. If FNZ does sign a deal with Aegon it...
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