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Aegon enlists KPMG to support £8bn Nationwide migration

Aegon has appointed KPMG to manage the migration of its £8 billion of Nationwide assets, New Model Adviser® has learned.

Aegon enlists KPMG to support £8bn Nationwide migration

Aegon has appointed KPMG to help with the migration of its £8 billion of Nationwide assets, New Model Adviser® has learned.

When Aegon acquired Cofunds in 2016 it also took over managing the assets for Nationwide’s online investment service Investor Portfolio Service.

These £8 billion of assets are yet to be transferred to the new Aegon platform, which IFAs moved to in May, a process that has been dogged by complaints about accessibility.

New Model Adviser® understands Aegon has now appointed management consultants KPMG to help with the migration of the Nationwide book as it moves to the new platform run on GBST technology.

A spokesman for Aegon said it will be leading the project with assistance from other parties. 

‘Aegon will be managing and delivering this project itself, but will be drawing on support from a range of third parties,’ the spokesman said.

In a strategy update last September, KPMG was listed as one of the third parties Aegon uses.

The Aegon spokesman would not put a date on when the Nationwide migration will happen.

‘We are in close discussion with Nationwide regarding the timings for the project and will confirm a date in due course,’ he said.

KPMG declined to comment.

Last week New Model Adviser® revealed Aegon’s ex-head of operations Tommy Young had come out of retirement as the platform still battles with the issues created by the Cofunds migration.

The Dutch company revealed it had spent £3 million in June fixing the Cofunds integration.

From Aegon to Zurich: How your platform's tech upgrade is progressing.

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