Paternoster Limited

On 10 April 2006, Paternoster Limited ("Paternoster"), a company formed by Chief Executive Mark Wood to acquire defined benefit pension schemes from UK companies, announced that it had secured £500mlion of equity financing from a consortium of institutions led by Deutsche Bank AG and Eton Park International LLP.

Paternoster will meet demand from UK companies and pension scheme trustees to transfer their defined benefit pension liabilities to an FSA-regulated insurance company. Companies and trustees will thereby be freed from ongoing exposures to longevity and investment risks in their pension funds, whilst pensioners will benefit from having their pensions managed by a well-capitalized and regulated specialist.

Paternoster's non-executive directors will include Sir Howard Davies (Director of the London School of Economics and former Chairman of the FSA), Lord Leitch (a non-executive director of Lloyds TSB plc and former Chief Executive of Zurich's UK operations) and Jeremy Goford (former senior principal of Tillinghast Towers Perrin and past President of the Institute of Actuaries).

Financial Advisor to Paternoster, advising on the formation of Paternoster, approaching investors and structuring of the fund-raising.

Key to the process was Canaccord Genuity's ability to help structure and negotiate terms which balanced the needs of the business, the regulatory environment, investors' objectives and aligned the incentivisation package for the management team with the potential performance of the business.