PensionsFirst Group LLP

December 21, 2009 and March 5, 2010

      Compass Advisers, LLP ("Compass") is pleased to announce a two-part transaction with PensionsFirst Group LLP ("PensionsFirst"), a UK-based pension services firm.  Compass provided financial advisory services and raised private equity capital for PensionsFirst from a Sovereign Wealth Fund and, separately, negotiated an investment and strategic alliance between PensionFirst Analytics ("PFA", a division providing advanced risk management technologies and advice to the global defined benefit pensions industry) and State Street Corporation, ("State Street"), an investment management business based in Boston, Massachusetts.

      The Sovereign Wealth Fund participated in a traditional private placement as a long-term venture, deploying capital on the investment solutions side of the PensionsFirst business while also investing in PFA's technology enterprise.  In return, the Sovereign Wealth Fund received an ownership stake in PensionsFirst.  The capital infusion provided PensionsFirst with reserves it needed to protect against risk, while expanding its business and technologies.  This first part of the transaction closed on December 21, 2009.

      In the second part of the transaction, which closed on March 5, 2010, State Street and PFA signed a strategic agreement to create an alliance marked by State Street's minority investment in PFA.  State Street, a leading servicer of pension schemes, will enhance the services it brings to its plan sponsors by offering PFA's analytical tools and services to its clients and customers.  In addition, the joint venture enabled PFA to expand its reach through State Street's customer base.

      With these investments, PensionsFirst became well-capitalized and could meet its expansion goals – first targeting growth in the UK, then the US and, ultimately, on a global basis.