James Hay has agreed the acquisition of Capita’s Sipp book for an undisclosed fee. The assets are due to transfer onto the wrap platform by the end of Q1 2015.
The firm says the transfers will be subject to agreement by each Sipp holder.
It is also in discussions to take on some business where Capita currently acts as third-party Sipp administrator for other firms.
James Hay chief executive Alistair Conway says: “We have worked hard with Capita to make sure the business we receive comes onto James Hay Partnership in the same way as our new organic business. This means we are able to offer an enhanced service for the new customers, a favourable outcome for the other organisations involved and we will be able to process the business in the most efficient way possible. The move will give clients access to an extremely advanced and scalable IT system, as well as our sophisticated product and investment solutions.
“As we will manage the project through a new dedicated team, it will not impact existing customers and our current client service levels, which will remain a priority.”
Capita confirmed in November it planned to close its Sipp admin arm in response to increasing competition and regulatory costs, putting 350 jobs at risk.