Xafinity is eyeing up Sipp specialist firms as potential acquisition targets in a bid to grow its presence in the individual pension market.
The firm bought up Sipp and SSAS provider Hazel Carr in April last year and relaunched the Sipp under the Xafinity brand in October.
Xafinity believes now is a good time to snap up firms that are feeling the pressure of low interest rates and falling stockmarkets.
Director of self-invested pensions Andy Bowsher says: “We have had high-level discussions with four firms about potential acquisitions. We know there is interest out there.”
He says Xafinity is “watching the group Sipp market carefully”.
Meanwhile, admin arm Xafinity Paymaster has expressed disappointment at its failure to get on the shortlist of the Personal Accounts Delivery Authority administration tender.
Director Clare Ward says: “Pada has chosen large-scale defined contribution players and the fact that the majority of firms are based abroad is obviously not an issue for them.”