Canadian Investor Brookfield to Manage £27bn of British Pension Assets in £2.4bn Deal

Canadian investment giant Brookfield has acquired London-listed Just Group for £2.4bn, expanding its pension risk transfer business. Brookfield will manage British savers' money and review Just Group's £27bn of assets, potentially transitioning management to Brookfield. This deal is part of a trend in the pension industry, driven by relatively high interest rates, which has attracted international attention.

Canadian investment giant Brookfield has acquired London-listed Just Group for £2.4 billion, marking a significant expansion into the UK pension risk transfer market. The acquisition will see Brookfield manage British savers' money and review Just Group's £27 billion of assets, potentially transitioning management to Brookfield.

Brookfield Wealth Solutions (BWS), a unit spun off from Brookfield Corporation in 2021, announced the deal on Thursday. Under the agreement, Just Group shareholders will receive 220 pence per share, a 75% premium to the stock's closing price on July 30 [1]. The acquisition comes months after BWS announced plans to enter the UK pension risk transfer market [2].

Just Group, a leading player in the pension risk transfer market, helps 700,000 customers manage more than £27 billion of their pension savings. The acquisition will allow Brookfield to combine Just Group's platform with its own, creating a leader in the UK annuity and life insurance space [3]. BWS CEO Sachin Shah stated that the acquisition represents a strategic opportunity to accelerate growth ambitions in the UK, a core region for the company [2].

The acquisition price of £2.4 billion is high, but it reflects the growing attractiveness of the UK annuity market and the potential for investing in private assets [4]. The deal is part of a broader trend in the pension industry, driven by relatively high interest rates, which has attracted international attention.

Just Group's board has backed the offer, highlighting the benefits of increased financial resources and capital. The acquisition is expected to provide value for shareholders and enhance the company's offerings [2]. Just Group's shares have been underperforming its peers despite rising profits, making the acquisition an attractive option for shareholders [3].

Brookfield's move into the UK pension market follows a similar acquisition by Apollo Global Management, which paid $8 billion for a British retirement manager in April 2023. Both companies are expected to flourish in the competitive and lucrative UK annuity market [4].

References:
[1] https://www.reuters.com/world/uk/canadas-brookfield-agrees-32-billion-deal-uks-just-group-2025-07-31/
[2] https://coverager.com/brookfield-to-acquire-just-group/
[3] https://www.reuters.com/world/uk/canadas-brookfield-buy-uks-just-group-32-billion-2025-07-31/
[4] https://www.breakingviews.com/columns/breaking-view/apollo-brookfield-uk-pension-race-has-two-winners-2025-07-31/