Financial services provider STM Group has today (21 October) announced it has completed the acquisition of London & Colonial ahead of the expected timeline.
The acquisition was originally announced on 13 September, as STM Group bought the pension provider for a consideration of up to £5.3m.
London & Colonial will continue to operate under its own brand name but will be fully integrated into the enlarged group.
The firm's UK Sipp business has approximately 2,000 members and generates a turnover of approximately £1m.
According to STM Group, both STM and London & Colonial will benefit from accessing each other's intermediary networks.
London & Colonial's Gibraltar recognised overseas pensions business has approximately 300 Rops and is expected to be absorbed into STM's own Rops administration system.
Completion was conditional on the delivery of 100 per cent of the voting share capital and regulatory approval from the Gibraltar Financial Services Commission, with approval already having been received from the UK Financial Conduct Authority.
Alan Kentish, chief executive officer of STM, said: “London & Colonial is a very well respected business and one which can continue to prosper with the additional support from STM.
"We believe this is a clear case of the aggregate of the two businesses being worth significantly more than the sum of the parts, and I look forward to updating the market on our progress in the near future.”