Curtis Banks has bought the Sipp book and Sipp business from the special administrators of EPM for an undisclosed sum. Curtis Bank has a portfolio of approximately 68,000 Sipps.
The EPM Sipp book will be administered by Suffolk Life Pensions a subsidiary of Curtis Banks, with offices and staff retained at EPM’s offices near Salisbury, says Curtis Banks which adds that the acquisition continues Curtis Banks’ strategy of growing organically and by acquisition.
Rupert Curtis, chief executive at Curtis Banks, said: “This is an acquisition of a significant book of Sipps that further enhances our position as the largest Sipp operating group providing bespoke purely administration services. We look forward to welcoming the EPM clients to the Curtis Banks Group and working with their professional advisers.”
Will Self, managing director of Suffolk Life, added: “This acquisition, coming shortly after Suffolk Life joined the Curtis Banks Group, delivers a statement of the group’s commitment to grow our position in the independent Sipp market, and demonstrates our capability to support advisers and investors in sections of the market that many other Sipp operators have retreated from.”
The joint Special Administrators to European Pensions Management Limited were Adam Stephens, Finbarr O’Connell, Henry Shinners and Greg Palfrey from the Restructuring and Recovery team at Smith & Williamson. They were appointed on 21 June 2016.
Curtis Banks administers Self-Invested Pension products and SSASs. It started trading in 2009 and employs approximately 500 staff in its head office in Bristol and regional offices in Ipswich, Dundee and Market Harborough.