Cardano, the Anglo-Dutch asset manager and consultancy, has made its third big land-grab in the UK pensions market with the acquisition of £1bn provider Now Pensions.

The deal marks the exit of ATP, the Danish public pension fund that launched Now in 2011, from the UK pensions market. Financial terms of the transaction were not disclosed, and it expected to close “later in 2019”, the companies said in a joint statement on February 13.