Schroders Plc and Phoenix Group Holdings Plc have agreed to establish a new investment management firm that will deploy billions of pounds in private assets on behalf of British pensioners.
The new entity, called Future Growth Capital, aims to invest anywhere between £10 billion ($12.8 billion) and £20 billion in the UK and globally over the next decade, according to a person familiar with the matter. Phoenix will make a significant initial allocation and both companies will then seek to raise more capital for scale, the person said, declining to be identified discussing private information.