Paternoster float JV with JLT for Indian operations

Mumbai, May 11: Paternoster, a UK based financial service firm today reached an agreement with JLT Benefit Solutions Ltd, to launch a joint venture ''Paternoster and JLT'' in India that will provide high-end knowledge and management services to domestic units.

Paternoster is a financial service authority (FSA) regulated insurance company in UK that takes on the risks associated with the final salary defined benifit pension schemes of companies.

''The joint venture will benefit both companies, as it will provide an experienced joint management team as well as increasing career opportunities for finance and actuarial employees,'' said Paternoster and JLT CEO (India) B Viswanathan.

The company offers services in multiple tasks like risk&compliance, information technology, business transformation and finance.

The Paternoster and JLT operations in India will remain distinct and seperate financial, legal and regulatory entities, although common approaches will be taken in certain policies including training, sources said.

Paternoster, which is one of the first UK financial service operations company, is mainly concentrating on services like actuarial, pricing, investment and finance sectors in India and has 45 employees based in Mumbai.

UNI