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Paternoster assets under management increase by 21 per cent

Paternoster’s assets under management have increased by 21 per cent in quarter three of this year.

As at 30 September 2007, the total value of assets transferred to Paternoster was £406 million, an increase of 21 per cent quarter on quarter.

Paternoster chief executive Mark Wood says: “The market is growing rapidly. On average, in the first half of the year, we provided quotations on £2 billion worth of business each month. Subsequently, July saw £3.5 billion of business being quoted on, August £4.6 billion and September £4.9 billion.

“These quotation volumes suggest that in 2007 the market for defined benefit risk transfer could grow by between 200 – 300 per cent over 2006. Both company sponsors and trustees are increasingly recognising the merit of securing the promise to pay pensions through the backing of a regulated insurance company.”

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