The U.K.’s National Association of Pension Funds and the Pensions Management Institute have closed discussions over the potential merger of their organizations.
Discussions over a merger began in October.
The NAPF represents pension funds with more than £900 billion ($1.4 trillion) of assets, and the PMI’s members have £1 trillion in pension assets. It helps to support pension fund executives.
In a statement released by the NAPF, Paul Couchman, president of the PMI, said while the discussions with the NAPF had been “extremely positive” and that there were complementary areas of expertise, the PMI decided not to go ahead with the merger.
“The due diligence processes undertaken raised no issues or concerns on either side. However, after careful review by the PMI board and its council, we have decided that PMI is best placed to pursue its strategic objectives as an independent organization.”
The NAPF said it made the announcement “with disappointment” but respects the PMI’s decision.
