The Cardano Group has completed the acquisition of Now Pensions from the Danish pension fund Arbejdsmarkedets Tillaegspension (ATP).
The cost of the acquisition was not disclosed, but was originally announced in February 2019 and will be 100 percent owned by Cardano.
The transaction, closed last week (September 24) following the approval of Now Pensions’ Master Trust by The Pensions Regulator, brings Cardano’s total assets under management to £ 25 billion.
Now Pensions is the UK’s third largest auto-enrollment provider with 1.7 million retirement savers in 30,000 companies.
Cardano hopes the deal will combine its investment experience in the DB and DC markets with Now Pensions’ automated registration and administration capabilities.
Michaël De Lathauwer, CEO of Cardano, commented on the announcement: “The completion of the acquisition of Now Pensions is an important milestone for our group.
“With the Master Trust Authorization now secured, our combined business offers new and existing clients a unique range of pension risk management, investment expertise and a bespoke DC platform that combine to create a new force across the UK pension landscape.”
Joanne Segars, Chairwoman of the Trustee’s Pensions Trust, added: “Upon completion of the transaction, the Trustee’s directors will be delighted to leverage Cardano’s technological expertise and commitment to good governance for the benefit of its members.
“We look forward to working closely with the Cardano team to achieve the best possible results for our members.”