UK defined benefit pensions scheme buyout specialist Paternoster
has taken a first step towards resuming writing of new business
with receipt of a £5 million ($8 million) cash injection from
shareholders. Paternoster, until 2008 a frontrunner in the buyout
market, ceased writing new business about six months ago, a move
that appears preempted action by the Financial Services
Authority.
Paternoster is, however, not back in business and will only resume
writing new business once it has raised further money or when there
is significant improvement in the economic outlook and, of
particular significance, “only once the company and the Financial
Services Authority has agreed it appropriate to do so.”
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Also of significance, Paternoster’s founder Mark Wood has
relinquished his position as CEO and assumed the far lower-profile
position of deputy chairman.
Wood left his position as CEO of Prudential’s UK and European
operations in 2005 to establish Paternoster – which he did with
great success, raising £500 million from investors including major
shareholders Deutsche Bank and private equity firm Eton Park.
Wood has been succeeded by Ed Jervis, previously Paternoster’s
commercial director.
As at 31 August 2009, trustees has secured £2.7 billion of
liabilities with Paternoster representing obligations in respect of
38,000 pensioners and 7,500 deferred members of a total of 42
pension schemes.
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