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Winterthur abandons sale of Sipp arm

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

cent

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&#39s 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

staff.

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.”

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