Dentons Pension Management has taken over the business of London-based Sippchoice for an undisclosed amount which takes assets under administration to over £4bn.
This acquisition will see Dentons add roughly 1,400 self-invested personal pensions to its existing business.
The deal brings the total number of Sipps at Dentons to more than 6,000 along with 800 small self-administered pension scheme clients.
Dentons Pension Management joint managing director Ian Stewart explains the deal demonstrates the firm’s commitment to the Sipp market.
He says: “Sippchoice is of a size that can be easily integrated into our current business without affecting the service that both they and we currently provide. This acquisition will further consolidate our position as one of the leading full Sipp providers.
“We have made no secret that we would look at all opportunities to grow the business but when acquiring it has to be the right business or Sipp book. Sippchoice is a great fit for us with both firms sharing a similar ethos of placing the clients’ interests at the centre of everything we do.”
Sippchoice managing director Hyman Wolanski points out a number of factors led to the deal but the most important is shareholders.
He says: “Sippchoice has established itself as a highly-regarded player in the full Sipp market since its inception in 2009 and it operates very efficiently with a very high level of client satisfaction.
“However, for a host of reasons – the main one being the age of the shareholders – we have come to the view that the best way to take the business forward is to combine with a larger established Sipp operator.
“The key issue for us was to find a Sipp business that would be the best fit for our clients and I am delighted that we were able to conclude this deal with Dentons.”