Cofunds, one of our long-standing approved platform partners, has been bought by Aegon for £140m.
The deal was confirmed on 11th August following months of industry speculation.
David Hobbs will continue to run Cofunds from its headquarters in Witham, Essex, with operational staff also located in Hove, East Sussex.
Aegon said advisers who use Cofunds will be upgraded to an enhanced version of its platform. It added it would release a plan for development and integration on completion of the deal, which is subject to regulatory approval, in the last quarter of the year.
Aegon UK chief executive Adrian Grace said: “From a standing start a few short years ago, we have transformed our business beyond all recognition. Aegon is now well on the journey from a traditional life and pensions provider to the largest workplace and retail platform business.
“We are committed to growing our business alongside the intermediaries that we depend on and will use our enhanced scale to improve user experience, drive proposition enhancement and lower the cost over time.”
The provider said the upgrade would benefit advisers in a number of ways, including offering a broader range of investments and a focus on reducing paperwork.
Cockburn Lucas Comment
“Clearly, we have been aware of the potential sale of Cofunds for some months so this news comes as no surprise. We will be working closely with both Cofunds and Aegon in the months ahead to understand the terms of the deal and what this means for our many clients that utilise the Cofunds platform”.