The money of thousands of investors from troubled Sipp provider and discretionary fund manager Greyfriars Asset Management have been secured through an acquisition.
Sipp administrator Gaudi has successfully transferred 4,000 Sipp and Isa accounts from Greyfriars onto its books.
The acquisition agreement was signed on 21 September and has now been completed.
Gaudi managing director Patrick Vaughan says clients only lost minimal investment exposure and the ability to continue to draw benefits was quickly restored.
Smith & Williamson were hired as joint administrators to Greyfriars in October.
Shortly after their appointment they completed the sale of GAM’s Sipp and SSAS administration business to Hartley Pensions, an established SSAS provider that is part of the Wilton Group.
The sale was for an undisclosed sum but Hartley took on 1,600 Sipps, 160 SSAS and almost £500m in assets under management onto its books.
Staff currently working in the Sipp and SSAS business will transfer across to Hartley, which the administrators hope will ensure clients experience minimum disruption in the transfer process.
The joint administrators and Hartley said they did not anticipate there will be any interruption to the services previously provided by GAM.
This follows the recent sale of the advisory arm of GAM’s business to Norwich-based Insight Financial Associates.
GAM was a wealth management business which, apart from the divisions sold to Insight and Hartley, also provided discretionary fund management services.