WTW Acquires Cushon Adding Nearly £4 Billion in Assets
WTW (WTW) and Cushon announce an agreement that sees WTW's UK business acquire Cushon from NatWest Group (NWG). The deal adds new capability and bolsters WTW's position in the UK defined contribution master trust space. Cushon adds almost GBP 4 billion in assets under management and 730,000 members to WTW's portfolio. LifeSight, WTW's defined contribution master trust, has over GBP 26bn in assets under management and 430,000 members. The acquisition is subject to regulatory approval and is expected to close in the first half of 2026.
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NatWest Group Raises 2025 Income Guidance to £16.3 Billion
- Guidance Upgrade: NatWest Group has raised its 2025 income guidance to £16.3 billion, indicating strong confidence in future revenue growth and ongoing capital return capabilities.
- Buyback Completion: The bank has completed a buyback of 71.1 million shares, representing 0.88% of its share capital for £374.29 million, demonstrating proactive capital management efforts.
- Slight Fair Value Increase: The fair value for NatWest has been modestly adjusted from 6.60x to 6.63x, reflecting a slight enhancement in market recognition of its intrinsic value, even as the discount rate has increased to 8.45%.
- Analyst Target Upgrades: Analysts from Citi, JPMorgan, and RBC have raised their price targets for NatWest, reflecting growing recognition of its long-term earnings power, although some maintain neutral ratings to address potential risks.
Willis Towers Watson Reveals Deal to Purchase Cushon from NatWest
Acquisition Announcement: Willis Towers Watson (WTW) has announced the acquisition of the workplace retirement schemes platform Cushon from NatWest (NWG), with the deal expected to close in the first half of 2026.
Financial Details: The financial terms of the acquisition have not been disclosed, although WTW was in advanced talks regarding the deal at the end of November.
