Goldman’s Rothesay wins UK Paternoster auction

* Sale had been expected to fetch up to 300 mln pounds

* Final deal was valued at less -Financial Times

* Paternoster had assets of 3.3 bln euros at end-2009

CHICAGO, Dec 11 (BestGrowthStock) – A unit of Goldman Sachs Group
Inc (GS.N: ) has won the auction for UK-based Paternoster
[PATER.UL], the specialist pensions business, for an
undisclosed sum.

A majority of shareholders has agreed to sell their stake
to Rothesay, a UK-based Goldman unit, subject to regulatory
approval and other conditions, Paternoster said in a statement
late on Friday.

Paternoster, set up by former Prudential Plc (PRU.L: )
executive Mark Wood, had originally been expected to fetch up
to 300 million pounds ($474.4 million), The Financial Times
reported. The final deal, however, was valued at less than
that, the FT said.

“The Board of Paternoster believes that this transaction
would create an excellent combination to exploit the
opportunities in the growing Bulk Annuity market and enhance
the long term security of its policyholders,” Paternoster said
in a statement on its website.

Paternoster was put up for sale by its original backers,
including Deutsche Bank (DBKGn.DE: ), several months ago.

Earlier this year, Paternoster helped Deutsche Bank execute
the largest-ever longevity insurance transaction when it helped
BMW (BMWG.DE: ) hedge its longevity risk for its UK operations
pension scheme.

The London-based company had assets of 3.3 billion euros
($4.36 billion) at the end of last year. It specializes in
taking on the risks associated with companies’ pension schemes
and assumes responsibility for paying their pensioners in the

$1 = 0.6324 pound

$1 = 0.7560 euro
(Reporting by Matthew Lewis, editing by Vicki Allen)

Goldman’s Rothesay wins UK Paternoster auction