Curtis Banks Group has acquired the self-invested personal pension plan business of European Pensions Management from its special administrators, for an undisclosed sum.
EPM administers circa 5,000 Sipps, with assets under administration of circa £630m.
The business will be administered by Suffolk Life Pensions, a wholly owned subsidiary of Curtis Banks, with offices and staff retained at EPM’s offices near Salisbury.
Rupert Curtis, chief executive at Curtis Banks, said this “significant book of Sipps further enhances our position as the largest group providing bespoke purely administration services”.
Curtis Banks has a portfolio of approximately 68,000 Sipps, with assets under administration of around £18bn.
Meanwhile, this acquisition takes Suffolk Life over 30,000 self-invested plans, with assets under administration approaching £10bn.
Suffolk Life managing director Will Self said the deal, made shortly after his firm’s joined Curtis Banks Group, “delivers a statement of the commitment to grow our position in the independent Sipp market, and demonstrates our capability to support advisers and investors in sections of the market that many other Sipp operators have retreated from”.
The joint special administrators to EPM were Adam Stephens, Finbarr O’Connell, Henry Shinners and Greg Palfrey from the restructuring and recovery team at Smith & Williamson, who were appointed on 21 June.