Redington, the pension investment consultancy, has secured private equity backing from Phoenix Equity Partners — the UK mid-market private equity firm that earlier this year acquired a majority stake in pensions administrator Mobius Life.

The tie-up, which will give Phoenix up to two seats on the board of Redington, had been subject to discussions since “mid-to-late 2017”, according to Redington’s chief executive Mitesh Sheth.