Friday, 20 December 2013 11:30
Aegon buys Novia Investment Services
Aegon UK has purchased Novia Investment Services from Novia Financial Holdings.
The purchase, subject to regulatory approval, will mean the development work on Aegon's platform, Aegon Retirement Choices, moves in-house as part of a drive towards becoming a fully digital business.
NISL was set-up as a separate company to build and administer the Aegon platform in 2011.
The original agreement gave Aegon a clause to purchase NISL and Aegon has decided to exercise this option.
All 40 staff at NISL will transfer to Aegon.
Tommy Young, chief operating officer at Aegon UK, said: "We've been delighted with the success of the Aegon/Novia project.
"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."
Bill Vasilieff, chief executive of Novia Financial, said: "The project between Aegon and Novia has been an unqualified success for both businesses."
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