Barnett Waddingham has announced the acquisition of Wirral-based Harsant Pensions for an undisclosed figure.
The deal will see the firm add more than 400 self-invested pension and 70 small self-administered scheme clients to its existing book of business, and will also see Barnett take over the administration of a number of defined benefit and defined contribution schemes previously serviced by Harsant.
As a result of the acquisition, Barnett Waddingham’s Ssas portfolio will grow to more than 2,100 schemes with more than £3.6bn assets under administration. The firm’s Sipp portfolio is to increase to more than 2,725 schemes representing over £1bn assets under administration.
Buyouts in the Sipp space are expected to pick up in the coming months after the FCA confirmed new capital adequacy rules, which it estimates will push 10 per cent of firms out of the market and many have asserted will boost consolidation.
Julia Bassett, chief executive officer of Barnett Waddingham’s Sipp business, said: “We are excited to welcome the Harsant Pensions team and its clients and advisers to Barnett Waddingham.
“The acquisition of Harsant Pensions is very much a part of our gradual and considered growth strategy. Harsant Pensions and Barnett Waddingham have previously worked together and so this deal is very much a natural fit for us and our long term business goals.”
