AEGON UK joins four other product providers – Clerical Medical, Friends Provident, Norwich Union and Scottish Widows – who have collectively made a £9.2m investment in AssureWeb to enhance and develop the portal, as well as committing to payments of £16.8m for services related to usage of the portal. The five providers jointly own 40% of AssureWeb, with Misys retaining a 60% stake.

Commenting on the investment, David Henderson, Group Chief Executive, AEGON UK said: “Our investment in AssureWeb supports our strategy of working closely with IFAs and the rest of the financial services industry to deliver a sophisticated, business-to-business e-trading environment. We are committed to driving down costs through better technology in order to improve the quality of service for providers, IFAs and consumers alike.”

AssureWeb will continue to offer open access to all product providers and all IFAs, regardless of whether or not they are an investing provider or a Misys network member.

AssureWeb’s e-trading capabilities are being seamlessly integrated with mi-solution, the IFA desktop software, launched to Misys network members last week. Over 1,000 IFAs have signed agreements to use mi-solution.

Helen O’Dea, Chief Executive, AssureWeb, added: “We are delighted with the major progress we have made in our technology strategy for IFAs and product providers. The commitment by AEGON UK and the other leading providers demonstrates that the industry is serious about bringing down costs.”

AEGON UK currently consists of seven business units: AEGON Asset Management, AEGON Individual Protection, AEGON UK Distribution Holdings, AEGON UK Services, HS Administrative Services, Scottish Equitable and Scottish Equitable International.

AEGON UK is headquartered in Edinburgh and employs over 4500 people in the UK. It is a wholly owned subsidiary of AEGON nv, the international life insurance and financial services group which has assets under management of £185 billion.

Paul Charles, Misys Corporate Communications
020 7368 2315 / 07769 880991

Lesley McPherson, Group PR, AEGON UK
0131 549 3782 / 07740 897541

Misys plc develops and licenses a variety of software products to customers in the international banking and securities, healthcare, and UK retail financial services sectors. The Group also offers transaction processing and research support for Independent Financial Advisers in five networks – Countrywide, DBS, Financial Options, Kestrel and IFA Network. Misys employs over 6,500 people internationally.