Suffolk Life has acquired Pointon York’s The PY Sipp for an undisclosed sum.
The move sees Suffolk Life acquire 1,700 Sipps from Pointon York, which says it is divesting some of its existing business.
As part of the deal, Suffolk Life will cover any costs incurred during the transfer process.
Pointon York closed The PY Sipp to new business in 2009.
Suffolk Life managing director David Hobbs says: “Pointon York investors and advisers can be assured that we will extend high levels of service to their Sipps. Existing Suffolk Life advisers and investors can also be confident that we are sufficiently scaled and resourced to handle this business without detriment to our existing service levels.”
Pointon York managing director Jo French says: “We chose Suffolk Life as our partner in this transfer since they are experienced in handling the business of full Sipps, as well as being a leading Sipp provider and administrator.”
AWD head of communications Patrick Connolly says: “With the changes that are occurring in the industry, firms are having to address how they will be positioned going forward. Mergers and acquisitions in the Sipp industry will continue for some time.”