The pension risk and investment management company Cardano Group has agreed to take over the company pension provider Now: Pensions.
The Cardano Group, which had previously taken over the Covenant consulting organization Lincoln Pensions in October 2016, will take over 100% of Now: Pensions from the Danish pension fund Arbejdsmarkedets Tillaegspension (ATP). This is due to be completed later in 2019 after Now: Pensions was approved by The Pensions Regulator (TPR) as part of the ongoing Master Trust authorization process.
Now: Pensions is the UK’s third largest auto enrollment provider, serving more than 30,000 organizations and 1.7 million retirees.
Upon completion of the acquisition, Now: Pensions predicts the transfer of its investment management mandate from Now: Pensions Investments (NPI) in Denmark to the Cardano Group’s UK-based fund management team, subject to the care required by the Trustee.
The acquisition was designed to combine the Cardano Group’s investment expertise in the defined benefit (DB) and defined contribution (DC) markets with the automated registration platform and administrative functions of Now: Pensions. This creates a full-service platform that can cope with an evolving bond market, e.g. B. Multi-employer master trust environments.
The acquisition gives Cardano Group over £ 25 billion in assets to manage. The company will employ 350 people in its core markets in the UK and the Netherlands.
Theo Kocken (pictured) and Michael De Lathauwer, Co-CEO of the Cardano Group, said: “In a short time Now: Pensions has become one of the leading players in the market for automatic registration. Bringing Cardano and Now together: Pensions together are a transformation for our group. It is an investment in the future of UK pensions that will allow us to grow and diversify our customer base. We believe that our combination of pension risk management and investment expertise together with Now: Pensions’ enormous potential will create a new force in the UK pension landscape. “
Troy Clutterbuck, CEO of Now: Pensions, added: “In Cardano we have found a like-minded organization with a long-term commitment to the UK fixed income market that is a great fit for our business. Company pensions in the UK are becoming increasingly important as the automatic enrollment system matures. Membership in the Cardano Group brings our customers and members significant benefits and offers us a fantastic platform to realize our full potential. “
Nigel Waterson, chairman of the trustee of Now: Pension Trust (NPTL), said, “This is an exciting time in the development of Now: Pensions. Our members not only have access to their experienced investment team, but also benefit from Cardano’s wealth of technological experience and focused commitment to good governance. “