Here’s a breakdown of the article,summarizing the key details:
Legal & General is considering a bid for Natwest‘s pension provider,Cushon.
Key Points:
* Acquisition Target: Legal & General is interested in buying Cushon, Natwest’s pension provider.
* Market Position: A deal would make Legal & General the largest commercial master trust in the UK, managing over £36.5bn in assets.
* Cushon’s Size: cushon currently manages over £3.7bn in assets and serves around 650,000 members.
* Natwest’s Stake: Natwest owns 85% of Cushon, with the remaining 15% held by management.
* Natwest’s Strategy: The sale aligns with Natwest CEO Paul Thwaite’s strategy to simplify the bank and focus on core operations.
* Cushon’s Services: Cushon offers workplace pensions, ISAs (including Junior and Lifetime ISAs), and investment accounts.
* Competition: There is “significant” competition for the acquisition of Cushon from other potential buyers.
The article also links to related stories on City A.M. and Sky News for further reading.
