L&G purchased Cofunds for a cash consideration of £131m back in March 2013.
According to the L&G, Cofunds was hit by outflows of £700m during the first six months of 2016.
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The sell-off included the Investor Portfolio Service platform, as well as Cofunds’ retail and institutional business.
At the time of announcing the deal Aegon revealed it expected to generate a yearly cost saving of £60m across its UK business by buying Cofunds.
david.thorpe@ft.com
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