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Curtis Banks buys £180m Sipp book

Falling-Gold-Coins-700.pngCurtis Banks has bought a £180m Sipp book from wealth manager Hargreave Hale.

The invested assets in the 600 Sipps will continue to be managed by Hargreave Hale, turning over administration to Curtis Banks.

The firm has now made ten acquisitions since its foundation in 2009. Curtis Banks agreed to buy Suffolk Life off Legal and General  in a £45m deal in 2016. Suffolk Life itself had made a number of acquisitions before being taken over by Curtis Banks.

Group chief executive Rupert Curtis says: “This book of Sipps from Hargreave Hale is a good fit for our business model and the clients will benefit from the high quality, service-led proposition that we provide.

“Having carefully taken the time to integrate Suffolk Life, our largest acquisition to date, we’re able to explore further opportunities to add scale and expand our offering to greater numbers of clients.”

Curtis Bank says it is planning to launching a new Sipp product to market soon, targfetting a higher growth rate for the business by “investing to add high quality assets”.

Hargreave Hale was one of four fund managers probed by the FCA last year over potential competition law breaches.

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