Schroders is pleased to announce it has been appointed by Utmost Life and Pensions (ULP) as a key partner following the insurance and savings provider’s successful entry into the bulk purchase annuity (BPA) market.
Schroders will initially manage nearly £400 million of Utmost Life and Pensions’ annuity book. This includes new agreements with two external pension schemes successfully completed by Utmost Life and Pensions in Q4 2024 with those assets having transitioned to Schroders in late 2024.
Utmost Life and Pensions, part of Utmost Group, operates both a closed UK life and pensions business and recently announced its entry into the large and attractive BPA market. It has built a team of over 20 specialists focussing on the BPA market which has seen consistent growth and is projected to generate over £400 billion in volumes over the next decade.
Through this collaboration, Utmost Life and Pensions will benefit from Schroders’ market-leading insurance asset management capabilities, including:
- Insurance solutions and relevant market support through pricing and bidding.
- Solutions Liability-Driven Investing and trading teams who will be responsible for derivative hedging in portfolios.
- The Solutions investment team which will manage the fixed income matching adjustment aligned credit portfolio.
James Barham, Executive Chairman, Schroders Solutions, said:
“Utmost Life and Pensions has developed a strong and credible offering to address the significant demand for pension risk transfer in the UK, having established a healthy pipeline for 2025. We are delighted to partner with Utmost to support the firm in achieving its investment objectives.”
Craig Baker, Chief Investment Officer at Utmost Life and Pensions, said:
“We are pleased to be working in partnership with Schroders during this exciting time for Utmost Life and Pensions. Schroders’ expertise will play an important role in shaping the compelling proposition we are building for pension scheme trustees and members. Together, we are confident that we can deliver innovative solutions that meet the evolving needs of our clients.”
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