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Aegon moves 400,000 Cofunds clients to new platform

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Aegon moves 400,000 Cofunds clients to new platform

Aegon has moved 400,000 clients from Cofunds to its new platform.

Over the bank holiday weekend around £37 billion of client assets were moved to the new Aegon Platform, which advisers will start using today.

This was the third element of Aegon’s plans to integrate the Cofunds business. The first two were upgrades of the Investor Portfolio Service and Institutional service upgrading in December 2017 and March 2018.

Aegon formally acquired Cofunds in January 2017 and has been pursuing an integration project over the last sixteen months.

The £140 million acquisition of the platform from Legal & General boosted Aegon's overall platform assets to £102 billion.

Mark Till, (pictured) chief distribution and marketing officer at Aegon said: ‘After a busy weekend, we’re pleased to confirm the technology upgrade has completed. Intermediaries and their clients will from today start using the new Aegon Platform. Through the three technology upgrades we’ve moved in the region of £100 billion of assets to our new technology.'

Aegon said a number of advisers took part testing the upgrade over the weekend.

This involved logging into the system, accessing their customer records, and reviewing valuations.

‘We know that with such a major upgrade of our platform we’re expecting many users will want to login so we’ve made every effort to ensure we can meet high levels of demand on our website and contact centre, but we expect the first few days of operation to be exceptionally busy.’ 

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