NatWest Group has sold Cushon to Willis Tower Watson
Cushon
Cushon is a fintech platform dedicated to helping people build a better financial future through smart, engaging technology. Cushon provides workplace pension and savings products to middle market corporates through an intuitive mobile app that delivers a personalized experience, making it simple for customers to manage their money and invest in line with their goals and values. The business operates a defined contribution (DC) master trust, working with approximately 20,000 employers.
The Deal
The acquisition of Cushon adds new capability and bolsters Willis Tower Watson (WTW) Group’s position in the rapidly growing UK DC master trust space. Cushon will enable WTW to serve all segments within the market, with WTW’s existing DC master trust, LifeSight, continuing to focus on large companies and Cushon enabling growth in the middle market. Cushon adds almost £4 billion in assets under management and 730,000 members to WTW’s portfolio. LifeSight has over £26 billion in assets under management and 430,000 members. The agreement includes a referral arrangement enabling NatWest’s commercial banking customers to continue to have seamless access to Cushon’s workplace pensions and savings services for their employees.
Lincoln International acted as exclusive financial adviser to the Cushon management team, one of the key stakeholders, on this transaction.
Our Perspective
Antoine Dupont-Madinier, Lincoln International Managing Director who led the transaction, commented, “The transaction underscores the ongoing trend of providers within the DC pension market seeking to achieve scale to drive efficiencies and deliver better outcomes for their customers. Given the forthcoming changes, we expect further consolidation activity within the master trust space, which Lincoln is uniquely positioned to support.”
Willis Towers Watson
WTW is a global advisory, broking, and solutions company. Serving 140 countries and markets, WTW’s insight-led solutions help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
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