The Cardano Group has agreed to acquire 100 per cent of the workplace pension provider Now Pensions from the Danish pension fund Arbejdsmarkedets Tillaegspension.

The acquisition will result in group assets under its management exceeding £25bn and is expected to be completed later in 2019, once Now Pensions has gained authorisation from The Pensions Regulator as part of its master trust authorisation process.

The group expects its investment management mandate to be transferred from Now Pensions Investments to Cardano’s UK-based fund management team, subject to the completion of due diligence by the trustee.

The transaction will create a combined business that will operate “a full-service platform for growth UK’s workplace pensions market gathers momentum and DC solutions develop in multi-employer master trust environments”.

Commenting on the acquisition, Cardano co-CEOs, Theo Kocken and Michaël De Lathauwer said: “Bringing Cardano and Now Pensions together is transformational for our group. It is an investment in the future of UK pensions, enabling us to grow and diversify our client base.

“We believe our combination of pensions risk management and investment skills, together with Now Pensions’ enormous potential creates a ‘new force’ across the UK pensions landscape.”

Now Pensions CEO, Troy Clutterbuck added: “In Cardano we have found a like-minded organisation, with a long-term commitment to the UK pensions market, that offers a great fit with our business.

"Workplace pensions in the UK are gathering greater momentum as the auto-enrolment regime matures. Being part of the Cardano Group will bring significant benefits for our clients and members, giving us a fantastic platform to reach our full potential.”

The transaction is Cardano’s second in the UK, after its acquisition of Lincoln Pensions in October 2016.

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