By Victoria Ticha
| September 30, 2019
On the go: Pensions risk and investment management specialist Cardano has completed the acquisition of Now Pensions, an auto-enrollment provider serving over 30,000 businesses and 1.7 million pension savers.
Pensions risk and investment management specialist Cardano has completed the acquisition of Now Pensions, an auto-enrollment provider serving over 30,000 businesses and 1.7 million pension savers.
The acquisition of the UK’s third-largest auto-enrollment provider brings Cardano group’s assets under management to more than £25bn
The acquisition brings together Cardano’s investment skills and experience in the defined benefit and defined contribution markets with NOW: Pensions’ auto-enrolment platform and administration capabilities.
The combined business creates a full-service platform for growth as the UK’s workplace pensions market gathers momentum and DC solutions develop in multi-employer master trust environments.
Michaël De Lathauwer, chief executive at Cardano, commented: “With master trust authorization now secured, our combined business offers new and existing clients a unique offering of pensions risk management, investment skills, and a bespoke defined contribution platform, which in combination, creates a new force across the UK pensions landscape.”
Patrick Luthi, chief executive of Now Pensions, commented: “As a fully-fledged part of the Cardano Group we are now able to take our business forward and focus on delivering significant benefits for our clients and members.”
Joanne Segars, trustee chair at Now Pension Trust commented: “With the transaction now complete, the trustee directors are delighted to be able to leverage Cardano’s wealth of expertise on technology and their aligned commitment to good governance to the benefit of members.
“We look forward to working closely with the Cardano team to deliver the best possible outcomes for our members.”
The completion of the deal follows Now Pensions’ master trust authorization announced on 24 September.