Aegon UK is buying Novia Investment Services Limited (NISL) from Novia Financial Holdings, bringing the development work on its Aegon Retirement Choices (ARC) platform in-house.
NISL was set-up as a separate company to build and administer the Aegon platform in 2011. It now has over £1bn assets under advice.
Under the deal Richard Denning and all other NISL staff will become Aegon employees.
The NISL development team comprises of around 40 individuals, including 17 permanent staff and contractors. The acquisition will not affect any existing roles at Aegon.
Aegon UK chief operating officer Tommy Young says: “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.”
Novia Financial chief executive Bill Vasilieff says: “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.”