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.”