A consortium of 20 UK-based pension funds, asset managers, and asset owners is ready to invest in the country’s fintech sector.
According to an announcement from the UK government, this consortium, known as the Sterling 20, plans to invest billions across various sectors, including housing, infrastructure, and financial services.
Participating entities include Aon, Aviva, L&G, Mercer, WTW, M&G, Pension Protection Fund, Nest Corporation, and Universities Superannuation Scheme.
The initiative was revealed at the Regional Investment Summit in Birmingham, UK. Ian Cornelius, CEO of Nest, stated, “Every decision we make puts our members and their long-term outcomes first. We believe private assets can play a key role in delivering strong, consistent returns for them.”
This effort follows the Mansion House Accord, signed in May, which will direct £50 billion of collective funds into UK businesses and infrastructure. Additionally, there have been calls from fintech leaders for increased government support for the sector.
Janine Hart, chief executive of Innovate Finance, remarked, “Fintech is a huge driver of growth, but to unlock the full potential of our sector to benefit the community and the economy, we need government and regulators to support us.”