Aegon has pledged to carry out a technology upgrade for Cofunds customers in the coming months after completing the takeover of the platform.

Platforms of the future will need to be £60bn or more, an Aegon boss says, as he dismissed the suggestion that the firm paid too much for Cofunds recently.

Aegon has signed a deal with Nationwide Building Society to continue providing the Investor Portfolio Service (IPS) for new and existing business, following the recent acquisition of Cofunds.

Advisers will determine whether Aegon’s £140m takeover of Cofunds succeeds or fails, Aegon’s CEO has suggested.