Acquisition sees Glasgow pension provider’s assets hit £1bn

The deal, which is for an undisclosed ‘six-figure’ amount, will boost @Sipp’s assets to £850 million.

Once the deal is completed, Alfa Trustees director Gill Baynes will become head of SSAS for @Sipp.

Alfa’s offices in Essex, where it has four staff dealing with 145 SSAS accounts, will be used as the company’s new SASS headquarters.

Mark Canning, head of proposition and development for @Sipp, said the deal will give the company a bigger presence in the market and a foothold in the south east.

“Traditionally we have been a Glasgow, Northern Ireland and north east of England firm. This gives us added distribution down south,” he said.

Eddie McGuire, @Sipp’s managing director, said the company would look to buy other businesses in the Sipp and SSAS market.

“Today’s deal underlines our strong capital position and signifies our desire to complete further acquisitions which offer complementary services or additional distribution options,” he said.

“The SSAS market is a core component of our growth strategy and this deal complements our existing SSAS expertise.”

Alfa Trustees director Gill Baynes said the business had done the deal because “it was clear @sipp’s outlook mirrored our own”.

“We believe aspects such as pension-led funding options, enhanced investment flexibility and succession planning opportunities provide the framework for significant growth in the SSAS market,” she added.

Ms Baynes said the SSAS market has enjoyed a ‘renaissance’ in recent times.

“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.”

Founded in 2001, @Sipp has around 2,500 clients and is mainly focused on commercial property investments on the Sipp side.

In 2013, the firm bought a Sipp and SSAS book from adviser Ian Smith.

Smith said he made the decision to sell in light of increased regulatory pressure.