Wealth management and employee benefits firm Mattioli Woods has acquired the £83m pension administration arm of IFA consolidator Bellpenny for £1.
The firm announced the acquisition as part of its interim results for the six months to the end of November, published today.
The deal includes the Torquil Clark portfolio of 140 Sipp and SSAS schemes, and completed last week. Bellpenny bought Torquil Clark for an undisclosed sum last August.
As part of the deal, Mattioli Woods has been appointed to Bellpenny’s panel of Sipp providers.
Mattioli Woods executive chairman Bob Woods says: “Acquisitions continue to be a core part of our growth strategy. Recent acquisitions have continued to integrate well and our expertise in self-directed pensions allowed us to acquire the pension administration businesses of UK Wealth Management in August and Torquil Clark (now a part of Bellpenny) on 23 January. Further consolidation in the Sipp market appears likely, with increased regulatory capital requirements for Sipp operators coming into effect from 1 September 2016.”
Woods adds: “”We believe our blend of wealth management and employee benefits positions us well to secure further profitable growth going forward and current trading remains in line with the board’s expectations.”