Aegon UK has purchased the stake it did not already own in Novia Investment Services Limited, the joint venture with wrap provider Novia that was set-up to build and administer the Aegon workplace retirement platform in 2011
The move will mean the development work on Aegon’s platform, Aegon Retirement Choices, will move in-house, Aegon said in a statement.
NISL was set-up as a separate company to build and administer the Aegon platform in 2011. ARC currently has over £1bn of assets under management.
A key feature of the original agreement was that there would be a ‘knowledge and skills’ transfer concerning platform experience and expertise from Novia to Aegon, meaning all staff involved in the business will move over the to the insurer.
This will include Richard Denning, the former operations director at Novia who is chief operating officer at the joint venture. The NISL development team comprises of 40 individuals, including 17 permanent staff and contractors.
The deal is subject to regulatory approval.
Tommy Young, chief operating officer at Aegon UK, said: “We’ve been delighted with the success of the Aegon/Novia project. The pace in which we have built the platform and caught up with the rest of the market is truly remarkable and that is down to the successful working relationship between these two companies and our technology supplier GBST.
“Moving the development work in-house is a very natural step in our progression, allowing us to take complete ownership of the entire platform as we continue to build a truly digital business. We’re thrilled that Richard and the rest of the NISL team will be joining us and we look forward to benefitting from the expertise they bring.”
Bill Vasilieff, chief executive of Novia Financial, added: “The project between Aegon and Novia has been an unqualified success for both businesses and we would like to thank Richard and all the NISL staff for their commitment in ensuring this success.”