Self-invested personal pension provider Curtis Banks has completed the acquisition of Suffolk Life Group from Legal & General.
Curtis Banks and Suffolk Life Group now administers about 68,000 pension schemes with assets under administration of about £18bn.
The group employs more than 500 members of staff in its offices in Bristol, Ipswich, Dundee and Market Harborough.
Curtis Banks is the second largest independent Sipp provider in the UK following the acquisition, having achieved significant growth organicaly and through acquisition since it commenced trading in 2009.
Chris Banks, chairman of Curtis Banks said: “This is a very significant acquisition for the group.
“My colleagues and I look forward to working with the skilled management team already in place at Suffolk Life in order to develop the potential of the combined group for the benefit of clients, advisers, staff and shareholders.
“We are very pleased that Legal & General has chosen Curtis Banks to take ownership of this business and believe this reflects our strong standing and market reputation.”
Will Self, managing director of Suffolk Life, said: “Joining the Curtis Banks Group, with its strong focus on the advised retirement market will help Suffolk Life realise its strong potential.
“Over time the expected improvements will not only benefit advisers and their clients but will play an important role supporting the longer term ambitions of the group.”
Rupert Curtis, chief executive officer at Curtis Banks, told FTAdviser: “Suffolk Life are very strong on property management.
“We continue to have conversations with others in the market place [with regard to acquisitions] and that may or may not go anywhere.
”We want to continue to strengthen the business organically by enhancing our existing offering in terms of online processing.
“We are defining our brand. It is very much a service driven proposition and that will start to appear in terms of the website. You’ll see more happening in terms of a clearer brand.”
Paul Lindfield, director and IFA at Manchester-based Sedulo Wealth Management said: “I think Suffolk Life customers will benefit from Curtis Banks’ experience of running property purchases and more esoteric investments and firmly move Suffolk Life away from the platform/sipp provider.
“I also think Curtis Banks will benefit from Suffolk Life’s investment solutions and experience and ultimately the combination will make a true Sipp proposition.”
ruth.gillbe@ft.com
