Bath-based Novia Financial Holdings has sold its Novia Investment Services joint venture to partner Aegon UK, part of one of the world’s largest life insurance and pensions groups.
The deal, for an undisclosed sum and subject to regulatory approval, means development work on Aegon’s website Aegon Retirement Choices will be taken in-house. 
Novia Investment Services chief operating officer Richard Denning will move to Aegon along with other staff employed by the joint venture. No other roles at Novia Investment Services or Aegon UK will be affected.
Novia Investment Services was set up as a separate company to build and administer the Aegon platform in 2011.
In May, Aegon moved the administration of its Aegon Retirement Choices platform in-house and away from Novia. Under the terms of the original agreement, Novia was set to provide administration for up to five years.
Aegon UK chief operating officer Tommy Young said: “We’ve been delighted with the success of the Aegon/Novia project. The pace in which we have built the platform and caught up with the rest of the market is truly remarkable and that is down to the successful working relationship between these two companies and our technology supplier.
“Moving the development work in-house is a very natural step in our progression, allowing us to take complete ownership of the entire platform as we continue to build a truly digital business. We’re thrilled that Richard and the rest of the Novia Investment Services team will be joining us and we look forward to benefitting from the expertise they bring.V
Novia Financial chief executive Bill Vasilieff added: “The project between Aegon and Novia has been an unqualified success for both businesses and we would like to thank Richard and all the Novia Investment Services staff for their commitment in ensuring this success.”
Under the terms of the original agreement, Aegon had the option to purchase Novia Investment Services and it has now exercised that right.
