UK - A controlling interest in pensions information specialist Pendragon Professional Information has been bought by business publisher Wilmington Group.
Pendragon’s Perspective service – which has been described as the “Bloomberg” of pensions information – is a leading electronic information service for the UK pensions industry. It carries all essential pensions texts, comment forms and statistics and incorporates an e-mail news alert service.
Pendragon joint managing director Eric Wilton said the deal would enable Pendragon to develop Perspective and potentially apply the methodology and approach to other sectors.
“It was always our intention to return to within the fold of an organisation that would best enable our onward development. We have found a partner that is not only well enfranchised to take us forward but also has a complementary culture to our own.”
Pendragon’s origins lie in a research exercise in 1995 carried out by 12 pensions organisations which were interested in creating an industry-wide third party information service.
The concept was taken up by the Thomson Corporation which was responsible for the creation of Pendragon and the initial development of Perspective.
In November 1998 Pendragon was the subject of a management buy-out led by Robin Ellison, Simon Freeman and Wilton.
Around 100 UK pensions organisations use Perspective – including most of the regulatory authorities and leading advising firms. The fastest growing sector for Perspective has been pension funds which are attracted to its potential to carry and distribute their own scheme documents and communications.
Wilmington Group, which owns the Central Law Group, specialises in companies that supply products and services that meet the information needs of professional business communities. Pendragon will be part of Wilmington Business Information. Wilmington has an option to purchase the remainder of Pendragon at a later date. The price paid for the majority stake remains undisclosed.
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