Deutsche Bank and Eton Park International LLP are leading a consortium of backers for Mark Wood's new company Paternoster Limited, after announcing an investment of £500m of equity financing.
Once the financing has been completed, and Paternoster has received approval from the Financial Services Authority (FSA) as a regulated insurance company, Wood, the former chief executive of Prudential, plans to use Paternoster to offer tailored solutions to the £1,000bn defined benefit (DB) pension marketplace. Paternoster says it will offer to buy the DB pension liabilities of UK companies and pension scheme trustees to free companies and trustees from the increasing risks of longevity, as well as investment risks in their pension funds. It claims additional pressure on companies to m...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
