Consolidation
In-depth reporting on consolidation within the pensions and investments industry for our pension fund and asset management readers from IPE’s award-winning journalists
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NewsGerman Spezialfonds custody market tightens as top banks deepen dominance
BNP Paribas, HSBC and JP Morgan together hold €1.19trn in Spezialfonds custody mandates, equating to just over 56% of the market, according to Kommalpha
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NewsEx-Brunel equity manager finds a new home at Avon Pension Fund
Avon will transition from Brunel to its new investment pool, LPPI, in April 2026
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NewsFCA’s DC consolidation proposals splits UK pensions industry
Aegon urges delay, while People’s Pension calls for immediate market-wide reform
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AnalysisIPE Nordic Briefing: Iceland sees pension fund merger activity
The country’s second-biggest pension fund, the Pension Fund of Commerce, LV, had entered talks with Birta, the number four pension fund, over a potential merger
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NewsNuveen-Schroders deal to create eighth largest European institutional manager
Nuveen is proposing to buy Schroders for around £9.9bn in cash
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AnalysisIPE UK Briefing: Pensions Bill progress and regulatory moves
Plus Value for Money and LGPS consolidation
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NewsUK pension reforms questioned over saver risk and impact on competition
UK upper parliament warns pension reforms could shift risk onto low-income savers, while consolidation threatens competition and innovation
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NewsSwiss pension funds pushed towards consolidation by costs and talent squeeze
Swiss pension funds consolidate as rising costs, regulatory pressure, and skills shortages reshape the multi-employer market
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NewsIcelandic pension majors eye merger, creating biggest pension fund with €15bn
Pension Fund of Commerce and Birta agree to explore feasibility of merging, increasing operating efficiency
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NewsPension Schemes Bill debate in House of Lords highlights scale mandate concerns
Members of the House of Lords question £25bn scale requirement, arguing that compulsion could stifle innovation
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NewsEQT to buy Coller Capital for up to $3.7bn to drive secondaries growth
The deal is expected to be mid-single-digit accretive to EQT’s fee-related earnings
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NewsLGPS reform: industry warns against expanded pool powers
Pensions UK highlights risks to local accountability and fiduciary responsibilities, while LGPS SAB raises concerns about responsible investment
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NewsFurther M&A activity expected in UK pension and risk transfer market
Three of the 11 insurers active in the bulk annuity market announced acquisitions by international insurers in 2025
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AnalysisLGPS reshuffle cuts pools from eight to six, but consolidation pressure persists
Around £108.7bn of assets under management was moved as a result of government-led consolidation
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Analysis8 million Dutch to see DB pensions converted to DC on 1 January 2026
The 23 pension funds to do so include €248bn healthcare scheme PFZW and PMT, the €86bn sector fund for the metals processing industry
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AnalysisHeads down at Sweden’s buffer funds for reform’s ‘intense’ endgame
With only a few days to go, AP funds use working groups and guidance from government special coordinators to pin down how assets should be transferred
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NewsGenerali scraps plans to create joint venture with Natixis Investment Managers
Generali and BPCE, Natixis IM’s owner, failed to reach a final agreement following a non-binding memorandum of understanding signed in January
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NewsWTW to acquire Cushon master trust
The acquisition adds £4bn in assets under management to WTW’s portfolio
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NewsSmart Pension adds £650m to AUM with pension trust bulk transfer
Smart Pension targets £10bn in AUM in the first half of 2026
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NewsDow unifies German pension plans with new auto-enrolment set up
New employees joining any German Dow site from this year are automatically enrolled on the Dow Pension Plan
