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Paternoster business grows over 35 per cent in Q1

Paternoster’s buy-out sales have grown by over 35 per cent in quarter one of 2008 to £520m compared with £131m in quarter four last year.

At the end of the first quarter, Paternoster says it has taken on a further eight schemes which have transferred a total of £520m of assets to the company.

This brings the total assets transferred to Paternoster to £2.1bn.

Paternoster has now been approved as the annuity provider to members of 37 schemes representing 22,800 pensioners, 10,000 deferred members and over £7m of monthly annuity payments.

Paternoster chief executive Mark Wood says: “The overall business secured in the market in Q1 2008 exceeds £2.5bn. In twelve weeks, the total business written is the same as that written in the previous twelve months. The market appears to be growing very rapidly.”


Adviser Fund Index – Super powers

The increasing desire for investment choices outside traditional asset classes to protect against falls in the market has put investor focus on alternatives.


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