LDC backs merger of Ross Trustees and Independent Trustee Services

• LDC will become the private equity partner of IGG
• IGG will see 437 appointments and will have a combined value of over £340bn
• Andrew Bradshaw will take charge as CEO, and Chris Martin will become executive chair of IGG

LDC has backed the merger of Ross Trustees Services and Independent Trustee Services (ITS) to form Independent Governance Group (IGG). No financial details of the transaction were disclosed.

The firm will continue to operate under the IGG umbrella brand until the firms are fully merged, which is expected later in 2023.

With this investment, LDC will become the private equity partner of the combined group, according to a release. The private equity firm first invested in Ross Trustees in 2020.

“This is a significant transaction for the pensions industry, joining two complementary businesses that each have strong track records to form a leading player,” said Phil Hinson, investment director at LDC. “We look forward to supporting the leadership team at IGG as it continues to grow the group organically and through acquisition.”

IGG will see 437 appointments and will have a combined value of more than £340 billion ($40.7.4 billion; $380.56 billion) of assets under governance, forming a pensions trusteeship and governance services firm, according to a release.

Ross Trustees’ Andrew Bradshaw will take charge as CEO, and ITS’ Chris Martin will become executive chair of IGG. The board will also include Anthony Livingstone, group chief financial officer, and Kate Hardingham, chief risk officer, the release said.

IGG will be headquartered in London with plans to further grow its presence by expanding its regional hubs in UK.

LDC is the private equity arm of Lloyds Banking Group, headquartered in London. The firm has a UK-wide network of regional offices.