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Phoenix Group PHNX is in talks to raise 1 billion pounds ($1.34 billion) from private equity firms, the Financial Times reported on Wednesday, as it moves to scale up its pension-risk transfer (PRT) operations and capitalise on strong demand. The company, UK's largest long-term savings and retirement group, has held talks with firms, including Blackstone, Sixth Street and KKR, about a potential deal that would enable it to bid for more and larger buyouts of pension pots, the report added, citing people familiar with the matter. Phoenix confirmed that it was in initial talks over “a potential third-party partnership to accelerate the growth” of its PRT business, the report said. The company did not immediately respond to a Reuters request for comment. Phoenix announced a rebrand of the company as Standard Life and a pivot to in-house management of annuity-backed assets in September. ($1 = 0.7451 pounds)
