Herbert Smith Freehills advises Aquiline Capital Partners on investment in Isio Topco Limited

Founded in 2005, Aquiline is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies, with approximately $10.4 billion in assets under management as of 31 March 2024.

Isio is a leading independent UK provider of actuarial & consulting, pensions administration, investment advisory, employee reward & benefits and wealth advisory services. With a national team of 1,200 people across ten UK offices, Isio is committed to promoting financial wellbeing for all and works with companies, trustees and individuals to help them make informed decisions to protect their financial future.

Aquiline is acquiring its majority shareholding from Exponent Private Equity LLP, who have backed Isio since its carve out from KPMG in 2020. Isio’s management team will continue to retain a significant minority investment. Closing of the investment is subject to the parties obtaining relevant regulatory approval.

Aquiline is well-established as an investor in the global retirement and wealth management services sectors. In the UK, Herbert Smith Freehills have advised Aquiline on its investments in Smart Pension, the global pension software and solution provider, and Wealth at Work, the provider of workplace financial education, guidance and advice.

The Herbert Smith Freehills team was led by partner Joseph Dennis, assisted by senior associates Claudia McEwen, Al Goodison and Nikesh Arya, associates Raul Vellani and Josh Avis and trainee Zhou Yang.

Joseph Dennis commented:

"We are delighted to have advised long standing client Aquiline on this significant investment. Aquiline’s investment will support Isio’s growth strategy of innovation by expanding its core services and growing adjacent practices, including rewards & benefits, investment advice and private capital. The transaction is another fantastic demonstration of our full-service capabilities, coupling deep financial services knowledge with private capital execution expertise. Congratulations to the Aquiline and Isio teams."

Specialist support was provided by Barnaby Hinnigan, Clive Cunningham, Marina Reason, Chris Hurn and Daniel Haddad (financial services), Will Nevin, Ambarish Dash, Oliver Henderson and Shael Gedden (leveraged finance), Hywel Jenkins and Dan Saunders (financial services disputes), Andrew Cooke (disputes), Nick Wright, Lydia Carrington, Lydia Moore, Samantha Brown, Mark Howard, Paull Ellerman and Christopher White (employment, pensions and incentives), Casey Dalton, Aurell Taussig and James Tryfonos (tax), Terence Lau, Nick Pantlin and Joël Stanley (TMT), Miriam Everett, Alasdair McMaster and Angela Chow (data protection), Andrew Wells, Jessica Welborn and Kate Peck (IP), Andrew Moir, Peter Dalton and Ridvan Canbilen (cyber), Kate Meakin, Brian Spiro, Eamon McCarthy-Keen and Rob Hughes (corporate crime and investigations), Jeremy Walden and Tom Shattock (Real Estate), Jo Holbrook and Julie Goulbourne (environment, health and safety) and Vassilena Karadakova and Daniel Masterton (competition).