Phoenix Group Holdings Plc is in talks to partner with an alternative asset manager for its UK pension buyout business, the latest sign of increasing competition in what’s become a hot corner of the insurance market.
The London-listed provider of pensions and savings products is working with investment bankers at Fenchurch Advisory Partners to find a money manager that can help it source higher-yielding assets for its pension risk-transfer business, according to people with knowledge of the plans.