Independent trustee Pitmans Trustees (PTL) has become a manager-owned business following a management buy-out announced today.
The firm, which has governance oversight of over £150bn of assets across its portfolio, was first incorporated in 1994 and now has 26 staff based across five office locations. The company grew from a law firm, several partners of which became shareholders, who have subsequently sold out to the current management team. PTL says it is on course to deliver double digit growth in its 2016/17 year end results, which are due to be announced shortly.
PTL managing director Richard Butcher says: “This is a pivotal and hugely exciting time for the PTL team. We are now wholly owned by people working in the business. People who live and breathe pensions, who truly understand the objectives and challenges our clients have, that we have and that the industry has. We are entirely free to decide our own strategic objectives and how to allocate our resources to the benefit of our clients and the pension scheme members we are responsible to. This is great news for the team, our clients and those members.
“The MBO, which is the management putting their money where their mouth is, demonstrates our long term commitment to this industry and to our clients. We have, over the last few years, been building a business with longevity – this being entirely consistent with delivering long term good governance.”