@sipp has bought Alfa from Foden Baynes Associates Limited in a deal which moves @sipp’s total assets under administration towards £1bn and provides additional SSAS expertise.
As part of the acquisition, @SIPP will acquire Alfa Trustees’ Small Self-Administered Scheme business bringing @sipp’s total assets under administration to over £850m.
Gill Baynes, director of Alfa Trustees, will join the @sipp management team as head of SSAS straightaway while all other Alfa Trustees and Foden Baynes SSAS employees will also transfer to @sipp. The Alfa Trustees office in Essex will be kept open and used for access to the South East region
Eddie McGuire, @sipp managing director, said: “This is an exciting development for our business. Today’s deal underlines our strong capital position and signifies our desire to complete further acquisitions which offer complementary services or additional distribution options.
“The SSAS market is a core component of our growth strategy and this deal complements our existing SSAS expertise and at the same time provides wider distribution opportunities in the South East region. We are delighted to welcome Gill and her team to @SIPP.
Ms Baynes said: “There were two key factors in our choice of partner - namely a real commitment to the service quality our existing clients have enjoyed for many years coupled with the scale and ambition to invest in and grow their SSAS proposition.
“It was clear that @SIPP’s outlook mirrored our own. We believe that aspects such as pension led funding options, enhanced investment flexibility and succession planning opportunities provides the framework for significant growth in the SSAS market.
“We, in common with many firms in the sector, have benefitted from a renaissance in the market in recent years – fuelled by changes such as the new “pension flexibility” rules and greater adviser awareness of both the personal and corporate benefits SSAS planning can bring. We are excited by the outlook for the sector and look forward to delivering on our goals”
Glasgow-based @sipp was formed in 2001 and has 2,500 clients. Alfa Trustees SSAS portfolio consists of 145 SSAS arrangements, and £150m of assets under administration.