Sipp firm London & Colonial is primed for a sale and has approached other providers about a possible deal, Money Marketing understands.
Growing regulatory pressure with the introduction of new capital adequacy rules from 2016 had led to speculation there will be a flurry of deals as the market consolidates.
London & Colonial head of product and business analyst Adam Wrench says: “Like many companies – particularly Sipp providers recently – we receive enquiries from other organisations with a view to some kind of association or joint venture.
“London & Colonial is a privately owned company with a number of shareholders and it is no surprise that from time to time some of these shareholders may want to sell their shares.
“London & Colonial has in the past received approaches and I am sure we will continue to receive approaches in the future. However, what I can confirm is that London & Colonial is committed to its growth and expansion strategy in both the UK and International pension markets using both insured and non-insured products.
“Any future offer for an association or joint venture with London & Colonial would have to be aligned with our current strategy.”
Chief executive Ken Wrench and chairman and Pinsent Masons head of strategic development for pensions Robin Ellison launched the firm into the Sipp market in 1995. L&C also offers SSAS and Qrops.
In December 2014 the firm launched its first guaranteed drawdown product in response to the pension freedoms.