Profits have fallen for SIPP and pensions firm STM Group although increasing pensions admin provided a modest increase in underlying revenue for the first half.

STM Group has acquired Berkeley Burke (Financial Services) and Berkeley Burke Employee Benefit Consultants, which provide administration and consultancy services to SSAS and international businesses, in a deal worth up to £2.9m.

Carey Pensions, now known as Options SIPP, has claimed victory in the long-awaited Adams Case over who is liable for SIPPs investments.

International pensions group STM, which bought troubled SIPP firm Carey Pensions last year, is planning further acquisitions in the SIPP and pensions sector as its focuses on the UK.