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Consultants

Just Group acquires majority stake in pension risk transfer advisory business

Just Group PLC acquired a 75% stake in defined benefit pension advisory services firm Corinthian Pension Consulting, a spokesman said.

In a move to grow its capabilities, U.K.-based Just Group takes on Corinthian's business aimed at employee benefit consultants, financial advisers and pension funds seeking bulk member option exercises to transfer risk.

Just Group operates in the U.K., specializing in retirement products such as property wealth, derisking for defined benefit pension funds and retirement income for defined contribution savers.

The value of the deal was not disclosed, the spokesman said.

"Corinthian Pension Consulting's depth and breadth of expertise in providing professional advisory services to DB trustees is well recognized and we welcome the expertise and capability they bring to our group. We will invest to help the management team develop the business and grow awareness of their reputation for outstanding advisory and client services," David Cooper, CEO of HUB Financial Solutions, the parent company of Just Group, said in a news release.

Robert MacGregor, managing director of Corinthian Pension Consulting, added in the release, "We're now seeing unprecedented demand for our services and that's why we believe becoming part of Just Group makes such good sense. Bulk pension fund 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 participants."

Just Group has more than 15 billion ($19.5 billion) in retirement savings products in the U.K. Corinthian Pension Consulting's bulk member options advisory services saw transfers of slightly more than 959 million in 2017 in the U.K.