Mobius was acquired in a management buy-out backed by Souter Investments and Manfield Partners in 2014.
Since then the business has grown assets under administration from some £3 billion to about £17bn. It now provides services to more than 550 institutional clients including pension scheme trustees, consultants and advisers, asset managers and life insurance companies.
As part of the deal, Phoenix will invest alongside the current management team, led by Mobius chief executive Adrian Swales. Financial terms have not been disclosed.
Andy Macfie, managing director at Souter Investments, said: “Adrian and his team at Mobius Life have built a strong, market-leading business and a first-class, efficient and flexible independent platform for institutional corporate pension schemes. We wish Adrian and his team every success in the future.”
Swales said: “We are grateful to Souter for their support in helping us develop a robust and scalable platform solution that offers our pension scheme customers and their advisers clear benefits and the best outcomes.
“The investment by Phoenix sets us up for our next exciting phase of growth and demonstrates confidence in our business, senior management and wider team to continue our track record.”