One of the biggest brands in the platform market will soon disappear after Aegon revealed it would 'withdraw' the Cofunds brand.
The Cofunds name has been familiar to advisers since the platform was launched as one of the first fund supermarkets in 2001. It survived the ownership of Legal & General between 2013 and 2016, when it was sold to Aegon in a deal worth £140 million.
Now Aegon has set out plans to change the platform's name as users are moved to the technology used by the existing Aegon Retirement Choices platform.
Chief distribution and marketing officer Mark Till (pictured) said Aegon was a few months away from Cofunds users moving onto the latest version of the Aegon platform, a hybrid of the two existing services. Aegon users will not move to the new platform until later next year, but will be able to access some of its features.
He added: 'In order to provide a consistent and unified service to advisers, it makes sense to brand the service simply as Aegon. Brand is about a lot more than just a name or a website colour scheme, it’s about what you stand for as a business.
As Cofunds features are increasingly woven into Aegon's technology, the provider will be able to release them to existing users. Natural income will enable clients to be paid dividend income from their investments separately from any capital growth.