Finance
Private Fund Giants Muscle Into £1.4 Trillion UK Pension Market
Skyscrapers on the skyline of the Square Mile financial district of the City of London, seen from the Sky Garden at 20 Fenchurch Street.
Photographer: Jose Sarmento Matos/BloombergPrivate capital giants from across the Atlantic are jumping into the UK’s booming pension-risk transfer market, with insurers backed by Brookfield Corp. and Apollo Global Management Inc. announcing deals valued at a combined $10.7 billion in the past month.
As British businesses ranging from Boots to RSA and NatWest Group Plc offload their retirement liabilities to insurers to focus on their core businesses, the UK’s £1.4 trillion ($1.8 trillion) defined-benefit pension funds have become a hot target for firms including Apollo.