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Mark Wood in private equity talks on investment projects

Former Paternoster chief executive Mark Wood is working with a number of private equity firms on projects in the asset management sector.

Wood stepped down as chief executive of Paternoster last September to be deputy chairman.

He says: “I am working on a couple of private equity projects in financial services but they are not in insurance. We are getting there. I have two or three private equity firms beavering away on different projects. I will have more to announce soon.”

Wood, who was formerly a Prudential UK chief executive, set up pension buyout company Paternoster in 2006, with £500m backing from a consortium led by Deutsche Bank and Eton Park International.

Paternoster closed to new business in May last year and in September, the firm announced a £5m shareholder cash call to boost capital to ensure it is able to write new business once it raises further money or when the economic outlook improves. It also reduced its staff numbers from 130 to 106.

This month, Wood was appointed to the role of non-executive chairman of Jardine Lloyd Thompson’s UK employee benefits business.

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