Legal & General Group has announced the completion of 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  five-year individual annuity distribution agreement for Aegon pension customers with Legal & General, and the acquisition of Cofunds and IPS by Aegon.

Legal & General said that 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.