Sipp provider Hornbuckle Mitchell has sold 60 per cent of the business to two private investors.
The move sees a number of small shareholders bought out while all current Hornbuckle executive directors will retain their current shareholdings.
Following their investments, new single largest shareholder Richard Wohanka becomes non-executive chairman and Phil Smith becomes chief executive.
Smith was Barclays Wealth managing director between April 2006 and April 2011. Most recently he was managing director of management consultancy Aretai.
Wohanka was previously Swiss private bank Union Bancaire Privée chief executive.
Current Hornbuckle managing director David White takes up the role of senior executive.
In June 2011, Money Marketing revealed the Sipp and SSAS provider was searching for a “strategic partner” to inject capital in the business due to concerns that increased FSA capital requirements could stall the firm’s growth plans. In September, Hornbuckle said it had abandoned its search for backers.
Wohanka says: “Hornbuckle Mitchell has the right critical mass, the right expertise and the right distribution partners to continue to win in the retirement market.”
Evolve Financial Planning director Jason Witcombe says: “Sipp providers are seeing a lot of consolidation and I think this might be one of many movements in the market.”