Scottish Friendly Expands Roots Acquiring £2.16bn Pension Book from Fidelity
- Chapters Capital
- 2 days ago
- 1 min read
Updated: 1 day ago
10th April 2025
Scottish Friendly has made a significant move in the pensions market by acquiring Fidelity International’s unit-linked Section 32 pension book and an in-payment annuity portfolio. This deal adds £2.16bn in AUM across 76 schemes, bringing in approximately 40,000 policyholders and £6.6m in annuity liabilities.
With this acquisition, Scottish Friendly's total AUM exceeds £6.3bn, reinforcing its growth strategy through targeted acquisitions, reminiscent of its landmark transaction with Canada Life in 2019. As part of the agreement, members will remain invested in Fidelity’s FutureWise strategy for the next 20 years, with completion of the deal expected by September 2026.
Stephen McGee, CEO of Scottish Friendly, described the acquisition as “significant” and emphasised the firm’s commitment to delivering long-term value through its mutual model.
For Fidelity, the sale aligns with its goal of streamlining its workplace investing platform. Stuart Warner, Head of Global Platform Solutions at Fidelity, noted that Scottish Friendly’s expertise in transitioning legacy books was a crucial factor in finalising the deal.
As large institutions continue to reshape their business models and exit legacy books, the market for strategic acquisitions across pensions, advice, and insurance remains highly active..
At Chapters Capital, we specialise in financial planning and wealth management M&A and understand the importance of strategic acquisitions for growth. Whether you are considering a sale, merger, or expansion or want to learn more about buyers in the space, including Scottish Friendly, contact one of our professional associates today for a confidential, no-obligation consultation.