Small self-administered scheme provider Obsidian Ssas will now operate under the name WestBridge Ssas following a restructure of the business.
FTAdviser understands that the WestBridge Group will be made up of three subsidiaries - Westbridge Ssas, Westbridge Tax and Westbridge Trustees Ltd.
The shake up of the business comes after the provider saw a “substantial increase” in Ssas switches, experiencing a 20 per cent increase in June alone.
A Ssas pension switch, otherwise known as a takeover, involves the transfer of a Ssas pension from one provider to another and the re-registration of investments to include the new professional trustee, which is often the provider itself.
The restructure will also help the business seek acquisition opportunities and deal with an increased demand from advisers for its services, it said.
Founding director and owner, Tom Moore, along with fellow directors Lucas Harding-Cox, David Santaney and Nathan Bridgeman will become equal shareholders in WestBridge Group.
Mr Bridgeman said the firm has “ambitious growth plans” both organically and via acquisitions.
He said: “We are receiving record levels of new business and introductions and the new structure allows us to carefully manage the growth in our business, making it even more robust while nimble enough to take advantage of opportunities we are being presented with.
“We are actively recruiting the very best talent and looking to acquire the right high-quality firms.
“We have built a fantastic team and culture with an enviable network of introducers.
“The restructure means we can leverage this and improve our service and experience for both intermediaries and their clients.”
WestBridge Ssas charges an annual fixed fee of £1500 + VAT for its Ssas, with no other fees.
All services such as loan-backs, VAT, property consultancy and trustee meetings are provided in-house and included within this price.
More advisers and clients turned to Ssas during lockdown thanks to their loanback feature.
At the time, one provider said Ssas registrations in the first 10 days of April alone were almost eight times higher than figures reported for January and the number of loans completed more than quadrupled in the same period.
A Ssas can provide loan finance to a connected business, of up to 50 per cent of the total amount of cash held and the net market value of the scheme’s assets.
The increased popularity reverses the trend of recent years, which saw the schemes’ standing among advisers dwindle after a series of scams damaged their reputation.
amy.austin@ft.com
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