Just Group, a UK-based financial services firm focusing on individual retirement income, care and defined benefit de-risking, has acquired a 75% stake in Corinthian Pension Consulting. Financial terms of the deal were not disclosed.
Corinthian offers professional advisory services to defined benefit (DB) trustees and scheme sponsors carrying out bulk scheme exercises.
Through the deal, Just aims to offer advisory services to DB scheme trustees to support management of bulk member option exercises.
Under the agreement, Corinthian will become an authorised representative of HUB Financial Solutions that was created last year through the combination of Just Retirement Solutions and The Open Market Annuity Service.
HUB companies CEO David Cooper said: “This is exciting news for our business. Corinthian Pension Consulting’s depth and breadth of expertise in providing professional advisory services to DB trustees is well recognised and we welcome the expertise and capability they bring to our Group.
“We will invest to help the management team develop the business and grow awareness of their reputation for outstanding advisory and client services.”
The remaining 25% of Corinthian will continue to be owned by the firm’s existing shareholders.
Corinthian managing director Robert MacGregor said: “We’ve been in this market for more than 12 years – in that time we’ve advised over 100,000 members in 70-plus scheme exercises. We’re now seeing unprecedented demand for our services and that’s why we believe becoming part of Just Group makes such good sense.
“Bulk scheme exercises are challenging from both a technical and advisory perspective – so it’s vital to choose the right business partners if you’re to get the best outcome for trustees and their members.”
Robert MacGregor will continue to spearhead Corinthian as its CEO.
Meanwhile, Corinthian Benefits Consulting and Corinthian Affinity Solutions will now form part of a newly-formed vehicle known as Corinthian Group Holdings.