Winterthur Life has taken its self-invested personal pension
administrator, Personal Pension Management, off the market two months after
putting it up for sale, saying the offers received were unsuitable.
Credit Suisse-owned Winterthur says it decided in early May to explore the
possibility of selling PPML to a third party following a review of the admin
re to concentrate on its core business as a product provider.
Winterthur says its priority was finding a buyer in which it had
confidence to maintain a high level of administrative service but considers
none of the several expressions of interest received made the grade.
The life office says it was hoping to raise about £50m but service
was the key consideration because PPML would continue to administer
Winterthur's Sipp business.
Winterthur says it will now focus on continuing to grow PPML, which it
bought in 1992.
As part of expansion plans for the firm, which employs about 240 people,
PPML is moving to new premises in Salisbury which can accommodate up to 350
PPML claims it currently has about 42 per cent of the Sipp market based on
plans in place, which Winterthur believes makes it the biggest player.
Winterthur spokesman Paul Vousden says: “We had several expressions of
interest and it is not so much a matter of price as not being happy they
could maintain the quality of administration.”