SIPP provider and discretionary fund manager Greyfriars Asset Management has entered liquidation, with its SIPP and small self-administered scheme (SSAS) assets being bought by Harley Pensions.
Greyfriars entered administration on 23 October and Adam Stephens and Henry Shinners of Smith & Wlliamson were appointed lead administrators shortly afterwards.
Their first task as administrators was to conclude the sale of Greyfriars self-invested personal pension (SIPP) and SSAS business to Hartley Pensions. This followed the recent transfer of the advisory arm of Greyfriars to Insight Financial Associated, which completed on 16 October. The staff working at Greyfriars will be transferred to Hartley.
Smith & Williamson lead administrator Stephens said: “We are focused on working with the new owners of the Greyfriars business, Hartley and Insight, to seek to ensure that clients’ interests and investment are protected.
“We already have been working with the FCA and partners of Greyfriars to ensure the smooth transition of the business divisions.”
Rocky few years
The troubled SIPP provider had experienced a difficult couple of years. In November 2016, it agreed with the Financial Conduct Authority to cease accepting any new business into its discretionary portfolio investment service.
Earlier this year, Greyfriars agreed with the regulator to stop accepting any new client money or custody assets.