Aegon has signed a deal to continue managing Nationwide’s online investment service following its acquisition of Cofunds.
Aegon confirmed its £140m acquisition of Cofunds last week after a verbal agreement in February.
Through the acquisition Aegon also inherited Investor Portfolio Service, a system where investments are managed online.
Nationwide has £8bn of assets managed through the service and the agreement with Aegon covers new and existing business.
Nationwide customers will see the same technology investment Aegon is planning for advisers using Cofunds.
Aegon chief distribution and marketing officer Mark Till says: “Our acquisition of Cofunds and IPS provides certainty over the long-term ownership of the business.
“We’ve made it very clear we intend to invest in the technology and service behind the business and it’s great news that Nationwide has expressed its confidence in Aegon and its business model by committing to continue to work with us for new and existing business.”
Nationwide financial planning, protection and investments divisional director Larry Banda says the building society looks forward to developing a “strong strategic partnership” with Aegon.