Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The business, which has been operating for 12 years, specialises in providing advice on running bulk member option exercises to pension schemes, UK businesses, employee benefit consultants and financial advisers.
The acquisition will sit under Just's Hub Financial Solutions arm, which was launched last year through the merger of Just Retirement Solutions and The Open Market Annuity Service to provide a range of retirement-focused services, including fintech solutions.
Hub chief executive David Cooper said the acquisition was "exciting news".
"Corinthian Pension Consulting's depth and breadth of expertise in providing professional advisory services to DB trustees is well recognised and we welcome the expertise and capability they bring to our group," he said. "We will invest to help the management team develop the business and grow awareness of their reputation for outstanding advisory and client services."
The Corinthian business will continue to be led by its chief executive officer, Robert MacGregor, while the remaining 25% stake will be retained by its existing shareholders. Corinthian Benefits Consulting and Corinthian Affinity Solutions will move out of the acquired holding company into a separate newly-formed vehicle.
MacGregor said "unprecedented demand" for Corinthian's services meant becoming part of the Just Group "makes such good sense".
He continued: "Bulk scheme exercises are challenging from both a technical and advisory perspective - so it's vital to choose the right business partners if you're to get the best outcome for trustees and their members. We've worked closely with Just Group's new fintech business, Hub Pension Solutions, and that's why we're entirely confident becoming part of the group is a positive move for us and our clients."
The consultancy launched Hub Pension Solutions in May; the business provides a member education portal, and allows advisers to generate instant transfer value estimates.
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