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Wood setting up firm to buy final-salary schemes

Outgoing Prudential UK sup- remo Mark Wood is seeking backing for a new venture that will buy up ailing final-salary pension schemes.

Wood, who leaves the firm on February 1, is planning a venture to buy up to 50 funds from companies struggling to manage DB deficits. By running several together, Wood looks to benefit from economies of scale.

Money Marketing understands that Wood already has a cluster of backers. He has been linked with corporate-finance specialist Hawkpoint Partners and investment guru Warren Buffett.

Cazalet Consulting consultant director Ned Cazalet says: “The question here is what kind of a market opportunity is this? This could mean big money but it is a balance of getting the price right for both parties.”

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