Phoenix in Asset Manager Tie-Up Talks to Boost Pension Deals (1)

Phoenix Group Holdings Plc is in talks to partner with an alternative asset manager for its UK pension buyout business, the latest sign of increasing competition in what’s become a hot corner of the insurance market.

The London-listed provider of pensions and savings products is working with investment bankers at Fenchurch Advisory Partners to find a money manager that can help it source higher-yielding assets for its pension risk-transfer business, according to people with knowledge of the plans.

Phoenix, which has named the search process “Project Ocean,” may end up partnering with a private capital giant such as KKR & ...