Credit Suisse is making a fresh attempt to sell subsidiary Winterthur Life's Sipp administrator PPML.
Winterthur put PPML up for sale in May 2001 following a review of its operations but took it off the market two months later, saying none of the offers had made the grade, citing concerns over continued service as the principal stumbling block.
At that time, PPML had a price tag of around £50m but its current asking price has not been revealed. Money Marketing understands that PPML's owners are not considering a management buyout. PPML is one of the biggest third-party Sipp administrators. Winterthur head of public relations and communications Sandra Fulton says: “We do not comment on market speculation.”
Momentum pensions specialist Mark Stopard says: “PPML has always been a separate business to Winterthur and they obviously think they can get more value out of the company in the open market than by hanging on to it.”