Pensions business Paternoster up for sale

The majority of its backers are seeking an exit from the company set up by former Prudential executive Mark Wood, the Financial Times reports. Paternoster, which manages longevity, investment and operational risks within defined benefit pension schemes for trustees, was forced to close to new business in the depths of the financial crisis. It hopes to receive initial expressions of interest by September, according to people close to the situation. While Paternoster has written no new business since the crisis, its largest shareholder, Deutsche Bank, drew on its expertise to write a...