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.