Ross Trustees Services Limited and Independent Trustee Services Limited (“ITS”) have merged to form Independent Governance Group Limited (“IGG”).
LDC, a private equity investor who made a 2020 investment in Ross Trustees, has contributed additional funds to the transaction and will serve as the combined group’s private equity partner. It will oversee assets worth over £340bn. The transaction’s financial specifics have not been released.
As a result of the merger, Chris Martin of ITS will serve as the organisation’s executive chair, and Andrew Bradshaw of Ross Trustees will take on the role of CEO. The board will also include Kate Hardingham, the chief risk officer, and group chief financial officer Anthony Livingstone.
IGG, which employs 119 people across both firms, will soon be headquartered in a single London office, with plans to further expand its regional hub network around the UK. Prior to the full unification of the two companies later in 2023, the Ross Trustees and ITS brands will continue to function under the IGG umbrella name.
IGG Board and Ross Trustees CEO Andrew Bradshaw says: “The leadership team and shareholders of the two businesses are absolutely delighted with the combination of our two client-centric businesses. We are hugely excited to launch IGG, which immediately becomes the UK’s leading provider of professional pensions trusteeship and governance services at a time of accelerating demand from employers and scheme trustees. As two people-first businesses, the combination of Ross Trustees and ITS creates a governance powerhouse through a much deeper pool of talent and resources plus a strengthened proposition for clients.”
IGG co-founder of ITS and executive chair Chris Martin says: “We all look forward to working closely together as we integrate our respective teams and service offerings, bringing them together to provide further value and great outcomes for our clients and scheme members. The merger will allow us to grow our standing as an employer of choice in the industry. I share Andrew’s enthusiasm and excitement about the future for IGG and we all look forward to realising its full potential as the leading provider of governance services over the months and years ahead.”
LDC investment director Phil Hinson says: “This is a significant transaction for the pensions industry, joining two complementary businesses that each have strong track records to form a leading player. We look forward to supporting the leadership team at IGG as it continues to grow the group organically and through acquisition.”
