Penbridge Advisors and P-Solve announced on Monday a strategic alliance to provide pension risk transfer services for U.S. corporate defined benefit pension plans.
The two firms will combine Penbridge's capabilities of assisting plan executives evaluate annuity buyouts and P-Solve's implementation support with investment and risk management plans for derisking. with investment and risk management plans for derisking.
“P-Solve is a great firm. They’ve really grown,” said Steve Keating, Penbridge Advisors principal and co-founder, in a telephone interview. “They’ve won many recent awards as the top fiduciary manager in the U.K., they recently went public on the London Stock Exchange in June and they have their eyes set on really growing their U.S. business.”
P-Solve is a division of River and Mercantile Group PLC, which went public in June. P-Solve had announced in February its merger with River and Mercantile Asset Management.
Penbridge Advisors, which was founded in January 2013, operates a database covering the pension risk transfer marketplace. The firm had announced in April a similar strategic alliance with Deloitte.