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Aegon puts 190 jobs at risk with office closure plan

Aegon puts 190 jobs at risk with office closure plan

Aegon has put 190 jobs at risk with plans to close its Hove Office. 

The office is currently the base of business to business platform Investor Portfolio Service (IPS), which Aegon acquired from Legal & General as part of a £140 million deal to buy Cofunds. IPS provides the technology for Nationwide's platform. 

Under proposals put forward by Aegon, the IPS office in Hove will be relocated to Witham, where Cofunds operations staff are based.  

As a result of the proposal, 190 people in the Hove office will be uncertain about their future. Although Aegon will offer the option of relocating jobs, the two locations are over 90 miles apart.

Aegon is currently consulting with affected employees about the plans. It has also appointed a consultancy to offer recruitment advice for the 190 staff members based in Hove. 

'Having the Cofunds and IPS business on a single site will allow the business to work seamlessly and will ultimately make servicing of customers more efficient,' Aegon said. 

Alongside the closure of the Hove office, Aegon revealed plans to restructure the teams that deal with advisers' requests and process trades on Cofunds and the Aegon Retirement Choices platform. This will see the two platforms mirror each other in team structure and job titles. 

Aegon said it expected to grow these teams from 300 employees to 350 employees once the overhaul is completed. 

'The changes announced today reflect Aegon’s ambitious plans to lead the investment platform market and to grow the combined business. In order to do so systems and structures must first be aligned in a way that will set us up for the future,' it added. 

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