Mobius Life has completed the transfer of its bundled group pension business to Scottish Friendly, one of the UK’s biggest financial mutuals.
Adrian Swales, Mobius Life CEO, noted: “We are delighted to confirm the transfer of our bundled group pension business to Scottish Friendly, and welcome them as a client. We look forward to forging a strong and lasting relationship with them.”
Mobius Life operates an institutional pensions platform within a life insurance company, offering pension fund trustees the capability to manage their funds flexibly and efficiently. Its services include investment administration, creation of blended and white-labelled funds, trigger monitoring, transition management and pension scheme reporting.
The transfer sees 13,300 members and assets of approximately £350 million move to Scottish Friendly.
Mobius Life was acquired in a management buy-out backed by Souter Investments and Manfield Partners in 2014. Since acquisition the business has grown assets under administration from £1.6 billion to £14 billion, and it now provides value adding services to more than 550 institutional clients including pension scheme trustees, consultants and advisers, asset managers, and life insurance companies.
Mr Swales added: “Mobius Life’s core strategy continues to be the provision of a first-class platform for institutional corporate pension schemes, whilst retaining our independence. Our strong growth in assets under administration and the widening range of clients we serve underline the attraction of Mobius Life’s wide range of investment services and tailored investment solutions. The completion of this deal will benefit all our clients.”