Suffolk Life has acquired Origen Investment Services’ Sipp business 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 central role as financial adviser to the investors.
Suffolk Life, part of the Legal & General Group, is making the acquisition from its retained profits. The firm says it remains “strongly capitalised ahead of FCA changes to capital requirements for Sipp providers”.
Suffolk Life managing director designate Will Self says: “Our acquisition of the Sipp book from Origen should leave no doubt about the direction of travel of the Sipp market and of the role that Suffolk Life intends to take within it.
“This is our fourth acquisition, including deals with Pointon York and Pearson Jones, demonstrating that we have a proven, sustainable acquisition process with clients at its heart. We have the capability and desire to intensify this acquisition programme.”