Schroders has been appointed as a partner by Utmost Life and Pensions (ULP) as it enters the bulk purchase annuity (BPA) market.
Schroders will initially manage nearly £400 million of ULP’s annuity assets. This includes funds from two external pension schemes, secured by ULP in Q4 2024, with assets transitioning to Schroders in late 2024.
ULP, part of Utmost Group, operates a closed UK life and pensions business and recently expanded into the growing BPA market, projected to exceed £400 billion over the next decade. ULP has built a team of 20+ specialists focused on the BPA sector to support this.
ULP will benefit from Schroders’ expertise in insurance asset management, including pricing and bidding support for insurance solutions, liability-driven investing and trading teams to manage derivative hedging, and fixed-income portfolio management to ensure alignment with regulatory requirements.
Schroders Solutions executive chairman James Barham says: “Utmost Life and Pensions has developed a strong and credible offering to address the significant demand for pension risk transfer in the UK, having established a healthy pipeline for 2025. We are delighted to partner with Utmost to support the firm in achieving its investment objectives.”
Utmost Life and Pensions chief investment officer Craig Baker says: “We are pleased to be working in partnership with Schroders during this exciting time for Utmost Life and Pensions. Schroders’ expertise will play an important role in shaping the compelling proposition we are building for pension scheme trustees and members. Together, we are confident that we can deliver innovative solutions that meet the evolving needs of our clients.”
