James Hay Partnership has said its small self-administered scheme business is under review, and at the same time, its head of administration Owen Dow is retiring after 38 years at the business.
Mr Dow is due to retire at the end of this year.
James Hay told FTAdviser that it is looking to develop and enhance the Ssas business through investment, including new hires.
A spokesperson for the firm said: “As part of our continuous strategy review we’re exploring all options for the Ssas business, however no decision has been made at this time.”
In November this year, James Hay reported its assets under administration were up to £18.9bn, from £16.4bn last December, with net inflows of £1.6bn in the third quarter, helped by rising transaction numbers.
A business update for its parent company the IFG Group, covering business from January to October, also showed that James Hay added more than 11,000 new clients over that period, double the 5,500 added during the same stretch in 2014.
Attrition has remained at an annualised 6 per cent, with the completion of Towry and Capita transactions “contributing significantly” to growth since June.
The firm maintained new business momentum and client retention, with new self-invested personal pensions added in the period to the end of October totalling over 11,000 - compared to 6,300 for the full year last year - with the majority of new business on the MiPlan product.
ruth.gillbe@ft.com
