Aegon UK has bought out the stake it did not already own in Novia Investment Services (NISL), the joint venture with wrap provider Novia Financial.

The move will mean the development work on Aegon’s platform, Aegon Retirement Choices, will move in-house.

NISL was set up as a separate company to build and administer the Aegon platform in 2011.

Tommy Young, chief operating officer at Aegon UK, said: “We’ve been delighted with the success of the Aegon/Novia project.

“The pace at 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 organisations 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 digital business.”

The deal is subject to regulatory approval.