Aegon-owned Origen has sold its Sipp business to Suffolk Life and its Ssas business to Barnett Waddingham.
Suffolk Life has acquired Origen’s Sipp business for an undisclosed sum, following Origen’s decision to wind-up its scheme.
The acquisition will see Suffolk Life accept the transfer of over 400 Sipp plans.
Origen will maintain its role as financial adviser to the investors.
Barnett Waddingham has acquired Origen’s Ssas business, which has 360 Ssas clients, for an undisclosed sum.
Origen says the sales have been driven by “increasingly complex needs of clients” and it will now look to focus on providing advice.
Origen chief executive Mike Kirsch says: “Following this review, we concluded that we do not have the scale to meet the future needs of this administration and trustee business.”
In March, Origen reported losses of £2.9m for 2012 and revealed a £6m cash injection from parent company Aegon.
Investment Quorum chief executive Lee Robertson says: “The requirements for Sipp and Ssas are becoming increasingly onerous so to sell these businesses on seems to make sense.”
