SIPP and SSAS provider Talbot and Muir has acquired Leeds-based SIPP and SSAS administration business The Pensions Partnership from adviser firm Group IFA for an undisclosed fee.
The acquisition will add approximately 380 self-invested personal pensions (SIPPs) and 360 small self-administered schemes (SSASs) to Talbot and Muir’s existing book, taking the firm’s total assets under administration to more than £3.5bn. Group IFA will continue to advise the clients.
The SIPP book will be administered in the current Talbot and Muir office in Nottingham, while the SSASs will continue to be administered out of the existing Leeds office. Talbot and Muir will take over the lease on The Pensions Partnership’s Leeds office and it said no staff would lose their jobs as a result of the deal.
Talbot and Muir director Graham Muir said the move was part of its growth strategy, adding: “We have been looking to expand our footprint in the north of England and this business provides an excellent opportunity for us to do this.
“We do not undertake acquisitions lightly and it is important to identify those businesses that are well run and have high quality staff. The Pensions Partnership satisfied all of that criteria and we look forward to having the staff and their clients join us.”
Group IFA chief executive officer Phil Rose said the sale was a strategic decision, and the most important thing for the firm was to find a firm with the right client-centric cultural fit: “We felt that Talbot and Muir stood head and shoulders above the other firms and was the only company in a position to provide personalised administration services to our clients who we will continue to advise.”