View more on these topics

Suffolk Life acquires Pearson Jones’ Sipp book

Hobbs-David-Suffolk Life-2013 700 x 450.jpg
Suffolk Life managing director David Hobbs

Suffolk Life has acquired the Sipp business of wealth management firm Pearson Jones for an undisclosed sum.

The deal will see around 280 Sipp plans transfer from Pearson Jones to Suffolk Life, following Pearson Jones’ decision to wind up its Skipton (Pearson Jones) Sipp and the NET Sipp.

Suffolk Life has funded the acquisition through its own retained profits rather than through parent company Legal & General.

Pearson Jones will continue to advise scheme investors.

Suffolk Life managing director David Hobbs says: “The acquisition of the Sipp book from Pearson Jones underlines our commitment to grow our business both organically and through the right acquisitions.

“We are looking forward to extending the Suffolk Life proposition and service to the Pearson Jones advisers and their clients, offering them some features which we know they have wanted for a while, such as online access to their portfolios via our online portal.”

Pearson Jones Leeds deputy managing director Peter Heckingbottom says: “Our core role as financial advisers represents 95 per cent of our turnover. Sipp administration is a specialist ancillary function and, as a small administration operator, the new regulatory burden would mean we would need to charge clients far more than the market rate if we were to continue and so we have decided to exit.

“Pearson Jones and Suffolk Life have worked hard to ensure none of its clients are disadvantaged by the business transfer and that they will continue to benefit from top-class wealth management advice.”

In November Suffolk Life acquired Pointon York’s The PY Sipp which closed to new business in 2009.

The company’s latest acquisition comes ahead of moves by the regulator to increase Sipp provider capital adequacy requirements.

The FSA published a series of proposed changes to Sipp capital requirements in November, including plans to link a firm’s capital requirements to assets under administration rather than expenditure.

Recommended

Arck investors write to MPs over Yorkshire Bank involvement

Over 200 Arck LLP investors have written to their MPs to put pressure on Yorkshire Bank over its involvement in the failed property investments. Money Marketing revealed in March last year a liquidator had been appointed to property management firm Arck LLP following an application by investors to freeze the firm’s assets in December. The […]

Partnership confirms flotation plans

Enhanced annuity specialist Partnership has announced plans to float on the London Stock Exchange. Partnership says it is aiming to raise around £120m from the issuance of new shares through the Initial Public Offering.   This is in addition to the sale of at least 25 per cent of shares currently owned by private equity […]

India budget and the liquidity supercycle

Kunal Desai, manager of the Neptune India Fund, comments on how India’s 2017 budget will impact the Indian economy and equity market. Read article here: Important Information – for Investment Professionals only. Not for Retail Clients.Investment risksThe Neptune India Fund may have a high volatility rating and past performance is not a guide to future […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment