Buyout market gathers steam

With-profits insurer Wesleyan has made a surprise entry to the UK's bulk purchase annuity market (BPA), while start-up specialist Synesis Life has given more details about its unusual, entirely equity-based structure and business model. In June, the Wesleyan Assurance Society enter the fray, winning a mandate worth £230 million to take on the pensions in payment of the ASW Sheerness Steel Group pension fund, formerly sponsored by the insolvent Allied Steel and Wire.

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