James Hay Partnership is to take on Capita’s self invested personal pension book for an undisclosed sum, subject to agreement with each Sipp holder.
A dedicated team will be created to manage the transfer, with completion due by the end of the first quarter of 2015. This is the first acquisition it has completed in many years, James Hay said.
Alastair Conway, chief executive of James Hay, said: “We’ve worked hard with Capita to make sure that the business we receive comes onto James Hay Partnership in the same way as our new organic business.
“This means we are able to offer an enhanced service for the new customers, a favourable outcome for the other organisations involved and we will be able to process the business in the most efficient way possible.
“The move will give clients access to an extremely advanced and scalable IT system, as well as our sophisticated product and investment solutions.
“As we will manage the project through a new dedicated team, it will not impact existing customers and our current client service levels, which will remain a priority.”
