Invesco and Perpetual are to merge their pension business.
The move follows a rec ent restructuring which will see the merged company reduce their joint fund range from 48 funds to 33 by the end of the year.
The fund managers say the combination of Invesco's def ined-contribution product, Different, and Perpetual's personal pension range will provide a comprehensive array of pensions for a broader market.
The range will cover both the small to big corporate contribution market and the individual market.
Invesco and Perpetual see the link-up as providing inv estment expertise in retail and institutional markets, experienced member communication specialists and internetbased admin capabilities.
David Butcher, currently head of Invesco's definedcontribution business, will be the managing director of the new business.
He says: “The two pension product ranges complement each other exceptionally well. In terms of the defined-contribution market, we could not have merged with a better company than Perpetual.”
Perpetual pensions development director Fiach Mag uire says: “The combination of Invesco's global expertise along with Perpetual's strong UK presence, gives us the opportunity to become a major pla yer in the UK pension market.”