View more on these topics

​Mattioli Woods acquires Ashcourt Rowan’s pension admin business

Polin-Jonathan-2012-700x450.jpg
Ashcourt Rowan group chief executive Jonathan Polin

Mattioli Woods subsidiary City Pensions Limited has acquired Ashcourt Rowan’s pension administration business in a deal worth up to £1.3m.

The acquisition comprises the trade and certain assets of pension administration business Ashcourt Rowan Administration Limited, plus pension trustee companies Ashcourt Rowan Pension Trustees Limited and Robinson Gear Management Services Limited.

The combined businesses provide trustee and administration services to over 600 Sipp schemes and 150 SSAS schemes, with total funds under trusteeship of over £300m.

Mattioli Woods has agreed to pay an initial consideration of £700,000 plus a deferred consideration of up to £625,000 subject to certain revenue and client retention targets being met during the five years following completion.

In the year to 31 March 2012, ARAL generated a post-tax profit of £134,535 on revenues of £674,285. The estimated liabilities being acquired are £115,168.

Sipp and SSAS clients will continue to receive portfolio management and financial planning services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. However the administration of their pensions will be transferred to Mattioli Woods’ pension administration and trustee services arm City Trustees.

Mattioli Woods chief executive Ian Mattioli says: “Ashcourt Rowan has an excellent reputation for building first-rate client relationships. As financial markets change, there is real synergy in organisations like Ashcourt Rowan and Mattioli Woods entering into strategic partnerships to deliver better service and long term security for clients. We look forward to developing a strong relationship with Ashcourt Rowan and its advisers.

“With increasing complexity and continuing consolidation in the Sipp sector, we anticipate there will be further opportunities to expand Mattioli Woods’ operations, both organically and by acquisition.”

Ashcourt Rowan group chief executive Jonathan Polin says: “As Ashcourt Rowan continues to make significant strides across its business units, it is important as a management team we focus on our core. The administration of Sipp and SSAS schemes is not core to our business.

“We have found a strategic partner with the expertise, scale and systems to give the very best service to our clients. Mattioli Woods is an organisation that is aligned with our values and has the same view of the broader wealth management market as we do.”

Recommended

4

Providers welcome Govt plans for auto-transfers

Pension providers have overwhelmingly backed radical Government proposals to build a new IT system, paid for by the industry, to facilitate automatic transfers of small pots. However, concerns remain that people could lose out as a result of the reforms if they are transferred from a low-charge to a high-charge scheme. This week, the Department […]

Standard Life savings flows surge 22% despite corporate pensions hit

Standard Life’s UK operation has reported a 22 per cent surge in net flows to long-term savings products during the first quarter of 2013, from £785m to £958m, despite its corporate pensions business suffering ahead of the RDR deadline. The provider’s interim management statement, published this morning, shows the improvement was driven by a 42 […]

Letter of the week: HMRC’s logic on fund rebates and tax is not that simple

In Martin Bamford’s thoughtful opinion piece, Will someone please think of the clients, he says: “How HMRC reached the illogical conclusion that a return of charges paid by an investor constitutes income is beyond rational understanding of the tax system.” I looked upon this initially from the point of view of a unit trust or […]

3

Ageas Protect adds ‘life of another’ option to product range

Ageas Protect has added a “life of another” option to its existing product range, allowing customers who depend on another person financially to buy cover for that person if they need it. Customers will be able to choose whether the policy owner or the life assured pays the premium. Policies will offer access to the […]

India budget and the liquidity supercycle

Kunal Desai, manager of the Neptune India Fund, comments on how India’s 2017 budget will impact the Indian economy and equity market. Read article here: Important Information – for Investment Professionals only. Not for Retail Clients.Investment risksThe Neptune India Fund may have a high volatility rating and past performance is not a guide to future […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Should just about cover the cost of hiring in a new compliance team and someone to perform the CF10a role, once Mark Smith leaves his post at the end of the month.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com