The deal – which was announced in August – will support Aegon’s plans to serve intermediaries as an investment trading platform business.

Adrian Grace, chief executive of Aegon, said: “The completion takes us a major step further in our transition from traditional life company to fully fledged platform business.

“Our focus now is to help intermediaries grow their business, grow their profitability and manage their risk and costs effectively.

“What will set us apart from the competition is our commitment not to compete with advisers for distribution, and focus on our investment trading platform and providing the best service and tools.”

Aegon will develop its new offering with the aid of an advisory board of 20 to 30 intermediary firms.

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The board first met in December and combined users of both the Cofunds and Aegon platforms, as well as a number of other sites.

Significant emphasis will now be placed on enhanced digital service and a reduction in use of paper, which Cofunds’ users highlighted as a key change they needed.

“By discussing our approach and progress with intermediaries from the outset, we aim to deliver a platform that they feel invested in for the benefit of their business and their clients,” Adrian continued.

“While we recognise that we have a big task at hand, which needs to be handled with care, it represents a fantastic opportunity to work with intermediaries to shape the future of the platform industry.”

Cofunds will continue to be led by David Hobbs and be run from its HQ in Witham, Essex, with operational staff also located in Hove, East Sussex.