'Exciting growth ahead'

Souter Investments offloads Mobius Life to Phoenix

Andy Macfie, Souter Investments

Deal: Souter Investments’ Andy Macfie


Souter Investments is selling Mobius Life, the independent provider of investment administration services to UK pension schemes, to Phoenix Equity Partners.

Phoenix will invest alongside the current management team, led by Mobius Life chief executive Adrian Swales, who said: “We are grateful to Souter for their support in helping us develop a robust and scalable platform solution that offers our pension scheme customers and their advisers clear benefits and the best outcomes.

“The investment by Phoenix sets us up for our next exciting phase of growth and demonstrates confidence in our business, senior management and wider team to continue our track record of outstanding performance.”

Sandy Muirhead, Phoenix Equity Partners, said: “We are extremely excited at the prospect of working with Adrian and Mobius Life’s management team to take the business on to the next stage of its growth.

“Mobius Life has built an outstanding and unique position in the pensions market and, with the investment that we intend to make in its operational and distribution infrastructure, we see a clear opportunity for Mobius Life to increase its penetration of the institutional pension market and broaden its product offering.”

Andy Macfie, managing director at Souter Investments, added: “The strong growth in Mobius Life’s assets under administration and the widening range of clients Mobius Life serves underlines the attraction of the company’s wide range of investment services and tailored investment solutions. We wish Adrian and his team every success in the future.”

The transaction is subject to regulatory approval by the Prudential Regulation Authority and the Financial Conduct Authority. Terms have not been disclosed.

Mobius Life was acquired in a management buy-out backed by Souter Investments and Manfield Partners in 2014.

Since acquisition the business has grown assets under administration from around £3 billion to circa £17 billion, and it now provides value-adding services to more than 550 institutional clients including pension scheme trustees, consultants and advisers, asset managers, and life insurance companies.

Souter Investments and Manfield Partners are being advised by Dentons and IMAS.

Phoenix Equity Partners is being advised by Addleshaw Goddard, Deloitte and Houlihan Lokey.

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