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Legal and General complete the sale of Cofunds and IPS to Aegon |
This is the third transaction completed with Aegon by Legal & General. These transactions are the acquisition of Aegon’s £2.9 billion annuity back book, the 5 year individual annuity distribution agreement for Aegon pension customers with Legal & General, and the acquisition of Cofunds and IPS by Aegon. Legal & General’s strategy is focused on scalable businesses in growth markets, where it can deliver attractive returns on capital. Legal & General has developed a market leading, scalable, international define contribution business. As Cofunds is at a point it requires significant upgrade in technology to exploit its leadership position, its long-term ownership and growth potential are best achieved under the ownership of a specialist wealth platform provider. |
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