L&G completes the sale of Cofunds’ investment platform to Aegon
Life insurer Aegon has completed the acquisition of investment platform Cofunds from Legal and General.
L&G and Aegon first announced a £140m deal in August last year, and have today confirmed completion of the transaction.
It means Aegon becomes the UK's largest platform provider, with more than three million customers.
L&G only bought the business in early 2013, snapping up a 75 per cent stake for £131m, but revealed the disposal last summer, with an original goal of completing by December, just three and a half years later.
Read More: Aegon sells £3bn annuity portfolio to Legal & General
Announcing the deal, Aegon chief executive Adrian Grace said: "The completion takes us a major step further in our transition from traditional life company to fully-fledged platform business.
"Our focus now is to help intermediaries grow their business, grow their profitability and manage their risk and costs effectively. What will set us apart from the competition is our commitment not to compete with advisers for distribution, and focus on our investment trading platform and providing the best service and tools.”