Redington, an independent institutional investment consultant, has secured private equity backing from Phoenix Equity Partners, a UK mid-market private equity firm.
Phoenix’s investment will enable Redington to continue to develop its long-term proposition for clients, while delivering exceptional service to them. Financial terms of the transactions are not being disclosed.
Redington provides framework-based, outcome-oriented investment advice, research and technology to some of the largest institutional investors in the UK, Europe and China. The business has seen strong growth in recent years, with Assets under Consulting increasing from GBP115 billion in 2013 to over GBP500 billion today. The business will retain its independence and control over strategy and the inclusive culture on which it prides itself. Redington’s founders will remain involved and the roles and responsibilities of the management team and the company’s 170 staff will remain unchanged.
Mitesh Sheth, CEO at Redington, says: “The investment by Phoenix is a positive, natural and planned next step for the business and one which we are very excited about. We have chosen Phoenix as our partner because of its track record in backing and supporting management teams to deliver on their strategic vision. It demonstrates confidence in our people to continue to deliver Redington’s client service, unique culture and our ambitious strategy to help make 100 million people financially secure.”
Sandy Muirhead, at Phoenix Equity Partners, says: “Over the last few years, Redington has built an enviable reputation by delivering exceptional client service. This has enabled Redington to achieve significant growth in its core DB and DC pensions business, as well as to develop its new business lines including SaaS and advice to Global Asset-only institutions. We look forward to supporting Mitesh and all his team on what promises to be an exciting journey.”
The transaction is subject to regulatory approval by the Financial Conduct Authority.
