Cardano publishes on its website:
“The Cardano Group (“Cardano”), the pensions risk and investment management specialist, has today agreed to acquire 100% of workplace pension provider NOW: Pensions Ltd. (‘NOW: Pensions’), from Danish pension fund Arbejdsmarkedets Tillaegspension (“ATP”).
NOW: Pensions is the UK’s third largest auto-enrolment provider, serving over 30,000 businesses and 1.7 million pension savers. The acquisition is expected to complete later in 2019 following NOW: Pensions’ authorisation by The Pensions Regulator as part of its ongoing master trust authorisation process. NOW: Pensions anticipates transferring its investment management mandate from NOW: Pensions Investments (NPI) in Denmark to Cardano’s highly experienced, UK-based fund management team subject to completion of due diligence by the Trustee.
The acquisition brings together Cardano’s investment skills and experience in the defined benefit and defined contribution markets with NOW: Pensions’ auto-enrolment platform and administration capabilities. The combined business will create a full-service platform for growth as the UK’s workplace pensions market gathers momentum and DC solutions develop in multi-employer master trust environments.
Following completion of the acquisition, Cardano will manage over £25 billion of assets and employ 350 people across its core markets of the UK and the Netherlands. The acquisition is Cardano’s second in the UK following the acquisition of covenant advisory specialist Lincoln Pensions in October 2016. “
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