Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Aegon buys out Novia joint venture; brings platform in-house

Aegon buys out Novia joint venture; brings platform in-house

Aegon UK has bought out its joint venture with wrap Novia to bring its platform operations in-house.

The move will mean the development work on Aegon’s platform, Aegon Retirement Choices, will move in-house.

The deal for an undisclosed sum is subject to regulatory approval. Richard Denning, Novia Investment Services chief operating officer, will move to Aegon, as will other staff employed by the joint venture.

Novia Investment Services was set up as a separate company to build and administer the Aegon platform in 2011.

Tommy Young, chief operating officer at Aegon UK, said: ‘We’ve been delighted with the success of the Aegon/Novia project. The pace in which we have built the platform and caught up with the rest of the market is truly remarkable and that is down to the successful working relationship between these two companies and our technology supplier GBST.

‘Moving the development work in-house is a very natural step in our progression, allowing us to take complete ownership of the entire platform as we continue to build a truly digital business. We’re thrilled that Richard and the rest of the Novia Investment Services team will be joining us and we look forward to benefitting from the expertise they bring.’

Bill Vasilieff, Novia Financial chief executive, said: ‘The project between Aegon and Novia has been an unqualified success for both businesses and we would like to thank Richard and all the Novia Investment Services staff for their commitment in ensuring this success.’

In May, Aegon moved the administration of its Aegon Retirement Choices platform in-house and away from Novia. Under the terms of the original agreement Novia was set to provide administration for up to five years.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter