UK companies struggling with pension fund shortfalls have been thrown a lifeline in the shape of investment banks and hedge funds. Wheels are in motion to create a market of defined benefit pension buyout ventures back by banks, hedge funds and entrepreneurs.
Paternoster
Mark Wood, former head of insurance company Prudential UK, has set up the first of such ventures, Paternoster, a life insurance company, and last month succeeded in securing $500 million in equity financing from a consortium led by Deutsche Bank and hedge fund, Eton Park International.
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