Threadneedle has bought Invesco Perpetual’s full-service defined-contribution pension business which has total assets of £470m.
Threadneedle launched its DC product in 2001 and manages pension funds for over 100 clients with total assets of around £1.3bn. It intends to grow DC business and says Invesco’s transferred clients will get access to a broader fund range, improved systems, web functionality and member communications.
Chief executive Crispin Henderson says: “By bringing on board Invesco Perpetual’s full-service DC business, we build on our existing strengths in DC provision, expand the range of funds available to our and Invesco Perpetual’s clients and enhance our position as a leading DC provider.”
Invesco Perpetual head of distribution Ian Trevers says: “This provides our clients with access to a greater range of funds on the Threadneedle platform, access to additional services online and will allow Threadneedle’s clients access to our investment capability. Invesco Perpetual will continue to concentrate on its core strength of investment management.”
Threadneedle head of UK distribution Madeline Forrester says: “We are strengthening our DC team by promoting Rita Butler-Jones, who joined in 2003, to head of DC. These moves signify our continuing commitment to the DC market, building on our existing strong track record. With DC pensions set to dominate future pension provision, we look forward to playing a key role in the sector’s development.”