A pensions and investments administrator has taken on 4,000 clients formerly served by troubled Sipp firm Greyfriars.
Administrator Gaudi Regulated Services Limited said it has taken on 2,000 Sipps and 2,000 individual savings accounts from Greyfriars Asset Management, which made an application for insolvency earlier this year.
This was a separate book from the Sipp and Ssas business sold to Hartley Pensions in October and saw Gaudi's regulated subsidiary appointed as operator.
It also follows the transfer of the advisory arm of Greyfriars Asset Management's business to Insight Financial Associates, which completed on 16 October, having been effected by the firm's partners.
Greyfriars Asset Management was a wealth management business which, apart from the divisions sold to Insight and Hartley, also provided discretionary fund management services.
This division commenced a wind down in 2017 and is no longer active.
Greyfriars Asset Management had seen its permissions restricted by the Financial Conduct Authority before becoming insolvent.
Patrick Vaughan, managing director of Gaudi, said: "After going through a thorough due diligence process, we are pleased that Gaudi was selected to take on the transition of 2,000 Sipps and 2,000 individual savings accounts to ensure the holders of these investments were not inconvenienced.
"Due to the quick and problem free transition the clients lost little investment exposure and the ability to continue to draw benefits was quickly restored."
Gaudi offers white label Sipp, Isa and investment technology to its business partners which include stockbrokers Selftrade and Jarvis Investment Management.
All plans run on a single administration platform while investments and investment providers are sourced externally.
Mr Vaughan said: "This is the time for financial services companies to start offering vertically integrated technology to clients, particularly Sipp and drawdown providers, DFMs and investment managers.
"Gaudi offers technology, administration and trustee services that can be white labelled to our partner’s brand delivered flexibly and cost effectively.
"Gaudi is happy to offer services to interested parties either through our own legal structures or on a pure third party administration basis."
carmen.reichman@ft.com
