Dentons Pension Management has acquired the business of London-based Sippchoice for an undisclosed amount in a deal that takes the SIPP provider’s assets under administration (AUA) past £4bn.
The acquisition will see Dentons add approximately 1,400 self-invested personal pensions (SIPPs) to its existing book of business, bringing the total to more than 6,000 SIPPs, along with 800 small self-administered scheme (SSAS) clients.
Sippchoice managing director Hyman Wolanski said: “For a host of reasons – the main one being the age of the shareholders – we have come to the view the best way to take the business forward is to combine with a larger, established SIPP operator. The key issue for us was to find a SIPP business that would be the best fit for our clients and I am delighted we were able to conclude this deal with Dentons.”
Dentons joint managing director Ian Stewart said: “We have made no secret of the fact we would look at all opportunities to grow the business but, when acquiring, it has to be the right business or SIPP book. Sippchoice is a great fit for us, with both firms sharing a similar ethos of placing the clients’ interests at the centre of everything we do.
‘Detailed due diligence’
“Where other providers have reduced their exposure to the full SIPP market, we have continued our commitment to this and the SSAS market. Our detailed due diligence has confirmed Sippchoice is a like-minded company that shares our commitment to providing a high-quality professional and personal service to our clients and advisers. Sippchoice is of a size that can be easily integrated into our current business without affecting the service both they and we currently provide.”
According to Dentons director of sales & marketing David Fox, Dentons continues to receive “strong support” in the self-invested pension marketplace and, for the calendar year just ended, 39% of all new SIPPs were transfers from other SIPP providers while 43% of new SIPPs were established to acquire a direct interest in commercial property. “We have also seen good support from advisers on new and transfer of SSAS business,” he added.
The post Dentons passes £4bn AUA with Sippchoice acquisition appeared first on Retirement Planner.