Meteor will take on responsibility for administration of accounts including the processing of income payments, surrenders and maturities. It will not take on planholders who are invested in Lehman backed products.
The firm recently increased its third party administration capability and says the acquisition significantly increases both the number of its clients and assets under administration.
It will be writing to IFAs and all affected planholders advising them of the change of the administration of their plans and will be posting an online Q&A section on its website.
Managing director Graham Devile says: “We are delighted to have made this purchase as we believe this should bring greater stability to the structured product market, following events of the past few months, as well as adding to Meteor’s growing reputation within the sector as a major provider of investment solutions.”