Phoenix Group acquires £300m equity release portfolio from Just Retirement

Phoenix has been active in the equity release market since 2016 and by the end of June 2021 about a third of its £10.7bn diversified illiquid asset portfolio comprised equity release mortgages with an average AA rating.

Phoenix’s illiquid portfolio is diversified across asset types, sub-sectors and regions across the UK, and has a strong focus on sustainable investments. In addition to its equity release mortgage portfolio, its illiquid portfolio comprises of private placements, UK local authority loans, commercial real estate and infrastructure debt.

Andy Curran, CEO of savings and retirement at Phoenix Group, commented: “Equity release is an important option for many people when it comes to meeting their financial planning needs later in life. It is a growing market that we fully support and know well, Phoenix have been active as a funder in the market since 2016. We’re delighted to have acquired this portfolio and to be securing the retirement plans for more borrowers. This is a testament to the strength and expertise of our Retirement Solutions team led by Tom Ground and you should expect to see more activity from us in the equity release space in the coming months and years.

"This purchase is consistent with our Group vision of helping people on their journey to and through retirement. Alongside pension savings, equity release is a valuable part of that toolkit for a growing number of people. This portfolio purchase is also supportive of our strategy to grow our Bulk Purchase Annuity business.”