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Suffolk Life acquires collapsed Sipp firm

Will-Self-2016

Suffolk Life has acquired the book of business of a collapsed Sipp firm for an undisclosed sum.

The deal to acquire European Pensions Management includes 5,000 Sipps with a value of around £630m. It takes Suffolk Life’s total number of Sipps to over 30,000 and total assets under administration to almost £10bn.

European Pensions Management entered into administration last month. At the the time, the FCA said a sale of the company’s book of business to another Sipp provider was being considered.

Suffolk Life managing director Will Self says: “This acquisition, coming shortly after Suffolk Life joined the Curtis Banks group, delivers a statement of the group’s commitment to grow our position in the independent Sipp market, and demonstrates our capability to support advisers and investors in sections of the market that many other Sipp operators have retreated from.

“Joining the Curtis Banks group was important to realise the potential in the Suffolk Life business, and the acquisition of EPM shows how we can support the group’s strategic growth ambitions.”

Self adds: “It is a good quality book of Sipps, and Suffolk Life remains comfortably capitalised following the acquisition.”

Curtis Banks acquired Suffolk Life from Legal & General in January.

The EPM deal comes as Hornbuckle parent Embark nears a takeover deal of rival Sipp provider Rowanmoor.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. what assets and investments have been taken on? One can only guess and perhaps worry at how long before these come to fall upon the adviser community.

  2. Considerablyricherthanyou 15th July 2016 at 4:30 pm

    One would like to think that when Curtis Bank’s CEO also said in relation to the EPM purchase that (the company has done its due diligence and is) “…satisfied that it is a decent book of business and we are happy to proceed with buying it on that basis” that he meant it. And that there are no ‘toxic’ assets.

    One of my clients (a retired EM fund manager) self-manages his own portfolios (inc pension) via a specific trading platform that, at the time, was only available through 2 SIPP providers, EPM being one of them. Given his professional background, I don’t think there’s too much to worry about with that one.

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