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Xafinity buys Alliance SSAS arm

Xafinity has bought Alliance Trust Savings’ small self-administered scheme business.

The firm will become part of Xafinity’s SSAS arm Hazell Carr SSAS.

Alliance Trust Savings currently has 340 SSASs with around £400m under administration. Xafinity director of self- invested pensions Andy Bowsher says the deal means the firm now has “well over” £1bn in SSAS assets under administration.

He says: “Strategically, this deal makes great sense for both Alliance Trust Savings and Xafinity.”

Alliance Trust Savings distribution director Patrick Mill says: “We are focusing on our core business while selecting a buyer who will enhance the service offering to our SSAS clients.”

AWD Chase de Vere head of communications Patrick Connolly says: “I would expect to see further consolidation in the SSAS market ahead of the RDR as businesses decide what areas of the market they are going to focus on.”

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