Schroders PLC bought Liberty International Pensions for £60 million ($92.3 million), strengthening its position in the U.K. defined contribution market.
The deal gives Schroders access to the plan administration services of Liberty and enables the firm to provide group personal pension defined contribution plans. Schroders also can offer index funds through Hermes Investment Management, with £50 billion in assets under management. Hermes will act as subadviser to Schroders. Hermes currently manages index funds for Liberty.