Phoenix Group is exploring a partnership with an alternative asset manager to bolster its pension risk-transfer business in the UK, reports Bloomberg.  

The company commenced search procedure “Project Ocean” and is collaborating with Fenchurch Advisory Partners to seek a partner capable of sourcing high-yield assets. 

While a partnership with a major player like KKR & Co. is a possibility, Phoenix is also considering discussions with other asset managers.  

A spokesperson for Phoenix confirmed the “potential third-party partnership,” stating that the outcome is uncertain and declining to comment on the identities of potential partners.  

Neither Fenchurch nor KKR have provided comments at this time. 

Engaging with a third-party manager would allow Phoenix to share investment risks, potentially freeing up capital for new ventures and diversifying its approach beyond funded reinsurance transactions, the report said.  

During Phoenix’s earnings call in March, CEO Andy Briggs expressed the company’s interest in leveraging third-party capital to enhance its origination capabilities.  

Phoenix reported a 25% increase in adjusted operating profit for the for the first half of 2025 (H1 2025), amounting to £451m ($612.82m). 

The insurer is also undergoing a rebranding process, set to transition to Standard Life by March 2026, after acquiring the brand from Aberdeen Group. 

Despite internalising £20bn of assets previously managed by Aberdeen, Phoenix maintains its relationship with the firm as a significant partner. 

In March 2025, Wipro landed a £500m contract with Phoenix Group.  

Over the next decade, Wipro’s financial outsourcing division, WFOSL, will administer life and pension services to Phoenix Group’s ReAssure customers.