UK - American investment bank Goldman Sachs has launched a new insurance company with the prospect of tapping into the growing UK buyout market.

The new private limited company, Rothesay Life, was authorised by the Financial Services Authority (FSA) at the end of last week.

A spokeswoman this morning declined to comment if and when the new company would be making its first investments.

But records at Companies House, the official UK government register of UK companies, show, among others, Michael Sherwood, co-head of Goldman Sachs in Europe and Glenn Earle, chief operating officer in Europe, as directors of the new company.

News comes on the same day as established buyout firm Paternoster, lead by Mark Wood, today announced its assets under management have increase by 28% in the second quarter of this year to £335.5m (€495.8m).

Wood commented, in a statement, his company had secured transactions with the trustees of the Seddon Atkinson (a member of the Fiat Group) and the foreign currency element of Texaco Overseas Tankship schemes.

"All of the 21 schemes which have secured benefits with Paternoster - representing 8.000 scheme members - have now moved into full implementation," said Wood.