Travers Smith LLP is advising the senior management team of Cushon, a workplace savings and pensions fintech business, on the sale by NatWest Group of its 85% majority stake to WTW, a global advisory and brokerage company. The agreement forms part of a wider transaction, which sees WTW acquire 100% of Cushon. The transaction is expected to complete in the first half of 2026, subject to regulatory approval.
Since becoming part of NatWest Group in 2023, Cushon has increased the number of customers it serves from 500,000 to approximately 730,000 and grown AUMA from £1.7 billion to almost £4 billion. The agreement will also see NatWest Group continuing to work with Cushon on a referral basis, given the ongoing demand for workplace pensions products from customers in its Commercial & Institutional business.
The Travers Smith team is led by Private Equity & Financial Sponsors Partner Alex Dixon.
Travers Smith previously advised Cushon's senior management team on their reinvestment arrangements in respect of NatWest Group acquiring its majority stake in 2023.
