L&G takes control of Cofunds platform in £131m deal

Insurance group Legal & General has agreed to pay £131 million to take control of investment platform provider Cofunds.

The firm already owned 25 per cent of Cofunds, which offers administration and management services for advisers and their clients, and looks after more than £50 billion in funds.

Following the acquisition, which is subject to regulatory approval, L&G’s savings division will have assets under administration of £103bn.

Mark Gregory, chief executive of the division, said: “The Cofunds team have done a fantastic job in growing the business to be the largest platform in the UK market.

“We have worked with the team over a long period and recognise the excellent value and customer service the platform provides, and look forward to working with them to grow the business.”