Paternoster has withdrawn its first amount of capital and is now actively looking for new business.
Launched in April by former Prudential chief executive Mark Wood, Paternoster is one of the latest entrants to the bulk annuity market along with rival new company Synesis Life, and more established companies AIG and Aegon. Following approval from the Financial Services Authority (FSA) at the end of June, Paternoster drew down its first transfer of £250m, half of the initial capital raised by a consortium of backers including Deutsche Bank and Eton Park International. A spokesman for the company says Paternoster is busily seeking mandates and is “currently in a number of discussions” bu...
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