SCOTTISH businessman Sir Brian Souter has invested several million pounds supporting the management buyout of London-based investment firm Mobius Life following approval by regulators.
A source close to the deal said Sir Brian's vehicle, Souter Investments, had taken a stake of more than 30% in the business, which was part of the Alexander Forbes Group. The sources said: "This is a bigger stake than normal. They see this as a really good investment."
The proposed deal was first announced in August but has now received clearance from the Prudential Regulatory Authority.
It is understood that Sir Brian, founder and chairman of bus and rail group Stagecoach, is attracted by the ambitious growth plans of the management team at Mobius Life, which is on track to double its assets to more than £4 billion in the course of this financial year.
Sir Brian said: "We are delighted to support Mobius Life and its management team as it continues its growth.
"We expect this to continue into the future as a strong, independent business."
Mobius Life, which is named after the mathematical object the Mobius strip, advises pension schemes on investment platforms.
Mobius chief executive Adrian Swales said: "As an independent business, Mobius Life will continue to provide clients with the outstanding service and bespoke solutions they are used to, with the comfort of complete independence and the support of committed UK financial backing."
Souter Investments' other interests include Scottish bus maker Alexander Dennis and homecare provider Baywater Healthcare.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article