UK wealth manager Ashcourt Rowan has agreed to sell the SIPP and SSAS business acquired with UK Wealth Management to City Trustees, a subsidiary of pensions consultancy and wealth management firm Mattioli Woods, for a total consideration of up to £0.355 million.
This follows the sale of Ashcourt Rowan’s own pension administration business last year (see thewealthnet 23/04/2013).
The sale comprises the pension trustee companies, Acomb Trustees Limited, Simmonds Ford Trustees Limited and Ropergate Trustees Limited, and the trade and certain assets of Pensions Administration Limited. The acquisition of UK Wealth Management was completed in April 2014.
An initial consideration of £0.275 million is payable together with further deferred payments of up to £0.080 million subject to certain revenue targets being met during the two years following completion.
SIPP and SSAS clients will continue to receive advisory and portfolio management services from Ashcourt Rowan Corporate Solutions, Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. However, the administration of their pensions will be transferred to Mattioli Woods’ pension administration and trustee services arm, City Trustees.
Jonathan Polin, group chief executive of Ashcourt Rowan, said: “Ashcourt Rowan continues to focus on our core businesses. The administration of SIPP and SSAS schemes acquired with UKWM is non-core to our business, and this sale follows that announced last year of Ashcourt Rowan’s own SIPP and SSAS business. During the last 12 months we have found Mattioli Woods to be a sound strategic partner with the expertise, scale and systems to give the very best SIPP and SSAS administration services to our clients.”