Entrepreneur Edmund Truell is close to buying the sponsorship of UK pension schemes worth £5bn (€7.1bn), putting him six months ahead of his target to control £10bn by 2009. He aims to grow the network to £25bn by 2011.

His Pension Corporation last week agreed a £400m bid for Telent, sponsor to the £3bn Marconi pension scheme. Recent deals at Thorn, a TV rentals specialist, and Threshers, an off-licence chain, would take the haul to £4.4bn.