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FNZ to power platform for £40bn Cofunds institutional assets

Aegon has confirmed it will work with FNZ on upgrading the institutional platform it acquired from Cofunds.

FNZ to power platform for £40bn Cofunds institutional assets

Technology provider FNZ will perform the upgrade on the institutional platform Aegon bought from Cofunds in 2016.

New Model Adviser® reported in June FNZ was in talks with Aegon about taking on the project to provide the technology to the institutional platform which holds £40 billion of assets.

Aegon bought Cofunds from Legal & General (L&G)  last year for £140 million.

The sale included three separate businesses- the retail platform, the Investor Portfolio Service (IPS), which is used by Nationwide’s investment customers and the institutional platform.

All three platforms used technology designed for Cofunds by IFDS. The retail platform and the IPS will sit on GBST technology.

Aegon will be bringing in new features on the institutional platform including non-sterling fund capabilities, segregated accounts, property authorised investment funds and tax exempt funds.

In a statement Aegon described the institutional service as a ‘key element’ of the Aegon/Cofunds proposition.

It confirmed ‘FNZ will be supporting Aegon with the technology upgrade which will take place by the end of the year.’

On the retail side, Aegon previously said clients using the Cofunds retail platform will start being moved over to the Aegon platform by the end of 2017 as the two businesses merge. It expects users of its own platform to be in a position to move to the integrated version in the first half of 2018.

Today the company also announced the appointment of Katrina Sartorius in a newly created role as director of institutional business. Sartorius will join from international central securities depositary Euroclear where she is currently the global head of FundsPlace.

Mark Till (pictured), Aegon chief distribution and marketing officer, said the appointment of Sartorius showed commitment to the institutional service and clients will be central to the process of moving to a different technology provider.

‘Katrina’s appointment is a great endorsement of our commitment and ambition for the future of our service.

‘As with our retail platform integration, we’re fully involving clients and the customers they serve by putting them at the heart of the process so that they get the changes they want to see, such as the ability to trade multi-currency funds and a significant widening of fund choice,’ he said.

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