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Financial services group IFG Group, which is quoted on the Dublin and London stock exchanges, has announced that it is bringing its two self-invested personal pensions and small self-administered scheme provider companies together under a joint management team.

IPS Actuarial Services, originally founded in the 1970s and based in Bristol, has 4800 Sipps under management, while London and Manchester-based The Pal Partnership, which launched its Sipp in 2004, now has some 1700 Sipps.

At the same time, the management of the new firm, to be called The IPS Partnership, has been restructured.

Tim Sargisson continues as managing director with responsibility for the day-to-day operations.

Richard Mattison retains his role as business development director, while Richard Valentine, of IPS, has been appointed chief operating officer.

The Bristol, London and Manchester offices will be retained and the firm is to launch a new Sipp in October to take full advantage the changes in pension legislation to allow investors greater freedom over their 'protected rights' fund.

Mr Sargisson, said: "We fully expect the Sipp market to continue to grow in the UK.

"The future of Sipps lies with IFAs and other professional introducers. They form the best and most effective distribution channels and are dependent on efficient administration. This is an area in which The IPS Partnership excels.

"However, there is a need to build critical mass in what is a very crowded sector. The merger achieves this and consolidates our position as a Top 10 independent Sipp and SSAS provider. It also allows us to bring the innovative approach of Pal to the IPS Sipp book."