Having made industry headlines back in June, Legal & General’s decision to put its Cofunds platform up for sale has sparked interest among various parties.
However, it is understood that online platform provider AJ Bell has stolen a lead on the pack and agreed a four-week period of exclusive negotiations over a potential acquisition of Cofunds’ £37.9bn (as of 30 June) retail business.
At £71bn in assets under administration across its retail and institutional arms, the acquisition of Cofunds would represent a major coup for the £26.1bn AJ Bell, which currently offers a full-wrap platform service alongside a simpler option.
An AJ Bell spokesperson said that the firm would not comment on “speculation”.
Having initially bought a 25% stake in Cofunds 10 years ago, L&G bought the remainder for £131m in March 2013.
