Discount broker Clubfinance has acquired Sipp provider Intelligent Money’s direct-to-consumer business for an undisclosed sum.
The direct-to-consumer business has collective assets of around £100m.
Clubfinance founder David Scrivens says: “Intelligent Money’s consumer clients will not only continue to receive an efficient service but we hope they will also save even more money as a result of this deal.
“Even beyond the RDR, our investors will continue to be able to benefit from our commission arrangements on pre-existing investments and new non-advised business.”
Clubfinance is set to launch a Sipp product through its Frequent Trader platform in the coming months. Intelligent Money will provide administrative and trustee services.
Intelligent Money chief executive Julian Penniston-Hill says the direct-to-consumer legacy book was not core to its intermediary-only business.
He says: “Clubfinance is the ideal firm to take over these clients, being fully prepared for the introduction of the RDR and having a long and proven track record of delivering high value, low cost investment solutions for the direct-to-consumer market.”
Intelligent Money says it will continue to focus on growing its intermediary-only Sipp proposition.