View more on these topics

Suffolk Life halts Sipp acquisition plans as director exits

Toxic-Waste-Hazard-Harazdous-Danger-700.png

Suffolk Life has stopped actively investigating acquiring other Sipp providers due to concerns it is too hard to weed out “unacceptable assets”.

Strategic partnership director Chris Jones, who led the acquisition business, has decided to exit the company following the decision to focus on organic growth.

The firm has made four acquisitions of Sipp back books over the last three years but found targets “cannot be assessed to our satisfaction or [aren’t] aligned to the type of business that we’re prepared to accept”.

Managing director Will Self says: “During some of our previous acquisition work, it became clear that no matter how forensic the pre-due diligence we would still find previously unknown and often unacceptable assets within plans, ultimately leading to us having to refuse some transfers and disappoint the investor and adviser.”

Suffolk Life runs 25,000 Sipps, valued at around £8bn.

Recommended

General-Business-Handshake-Hire-Appointment-700x450.jpg

Hornbuckle and Pru launch new Sipp

Hornbuckle and Prudential have launched a new Sipp that combines the PruFund range of funds with full access to the new pension income options. Clients will be able to switch between the range of PruFunds and have the option of adding capital guarantees. The Sipp will allow access to the new pension income options, flexi-access […]

UK-Currency-Money-Pound-GBP-620x430.jpg
5

Sipp providers divided on insistent clients

Sipp providers are split on whether or not to accept requests from insistent clients following the pension freedoms. The Government has mandated advice for those wishing to transfer from a defined benefit pension worth over £30,000 to a defined contribution scheme. But the advice industry has been divided on whether to process transfer requests following […]

Investment Forum

Position Portfolios for a Changing China, Accelerating Disruption and More Political Discourse Is China an asset class? Why Investors’ Understanding of China is Changing How is disruption changing the way we invest? Established Ways of Doing Business Are Being Challenged What to Watch: Why politics matters more than ever in 2017 Key takeaways: Despite volatile […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment