Pitmans Trustees (PTL) is now an independent, manager-owned business after completing a management buy-out.

PTL is an independent trustee, providing a range of governance services, predominantly to pension schemes, including defined benefit and defined contribution schemes.

Richard Butcher, PTL managing director, said the buy-out signifies a "pivotal and hugely exciting time" for the organisation.

He said: "As 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."

Butcher added that the buy-out is "the management putting their money their mouth is" and demonstrates its long-term commitment to the pensions industry and to its clients.

"We have, over the last few years, been building a business with longevity, which is entirely consistent with delivering long-term good governance," he said.

The firm, which was first incorporated in 1994, has grown to 26 staff in 23 years and now has offices in five UK locations – Birmingham, Edinburgh, Leeds, London, and Reading.

It currently has governance oversight of more than £150bn of assets across its portfolio and will shortly be announcing its 2016/17 year-end results – which show double digit growth.

PTL is a member of the Pensions and Lifetime Savings Association, the Association of
Corporate Trustees and the PMI Independent Trustee Group.

It also provides services to contract based pension schemes, including group personal pension plans, and a range of governance services to other non-pension trusts.

First published 05.05.2017

Lindsay.sharman@wilmingtonplc.com