Curtis Banks has acquired Pointon York’s entire self-invested personal pension business for an undisclosed sum.
Speaking to FTAdviser, Paul Tarran, finance director at Curtis Banks, said the deal means that 7,000 schemes have come across to Curtis’s books from Pointon York. He added that there would be no change for Pointon York clients.
“They will be dealing with the same staff, same systems. Over time, there may be some changes but as for as clients are concerned there are no changes.”
Mr Tarran told FTAdviser that the firm is still acquisitive and will be looking at good quality Sipp books.
In May FTAdviser revealed that the number of active Sipps under administration with Curtis Banks has increased by more than 147 per cent in 2013, largely due to its acquisition of Alliance Trust Savings’ Sipp book.
The acquisition of Alliance’s Sipp book at the beginning of 2013 added 6,000 Sipps worth approximately £3bn. The latest deal means Curtis has almost 20,000 Sipps under administration.
Since the Financial Conduct Authority published its final rules on the amount of capital that Sipps have to hold in case they need to be wound up, it has been expected that the number of Sipp providers will shrink as consolidation takes hold.
The FCA confirmed new capital adequacy rules in August, estimating it will push 10 per cent of firms out of the market and many have asserted will boost consolidation.
Since then there have been some acquisitions within the Sipp market, starting with Dentons acquiring the Sipp book of MAB Pensions Limited, part of the Michael Ambrose Group, for an undisclosed sum.
When asked whether the acquisition will affect the amount of capital adequacy Curtis has to hold, Mr Tarran said the deal “will have some effect” but he did not believe it would be notable.