Martyn Rose, chairman of Dentons, said the deal to buy plans from RSM Tenon was a “perfect fit” and had the “same underlying ethos of placing the client at the heart of everything we do”.
The deal, for an undisclosed sum, will see Dentons take over the entire bespoke Sipp arm, Tenon Pension Trustees.
It is not the only company on the Sipp acquisition trail. At the end of 2012 Alliance Trust Savings announced that it had sold its Sipp book to Curtis Banks.
The acquisition resulted in almost 6000 full Sipps, worth about £3bn in assets under administration, being transferred to the Ssas and Sipp specialist firm.
The move comes after Sipp providers, including Dentons, warned that legislation by the FSA to impose strict capital adequacy on providers could lead to a dramatic reduction in the number of players.
Mary Stewart, sales and marketing director of Sipp provider Hornbuckle Mitchell, said there may be cheap Sipp books for sale as fewer companies would be in a position to buy from exiting providers as they had to keep back more cash for the new regulatory requirements.
Philippa Gee, managing director of Shropshire-based IFA Philippa Gee Wealth Management, said: “Sipp books are a valuable commodity in the current financial environment and this sort of announcement comes as no surprise. The focus needs to be on positive investor outcomes and I am sure we will see more detail on this shortly.”
