SIPPs: Curtis Banks buys Alliance Trust SIPPs

Posted on October 23rd, 2012 | Categories - News

Curtis Banks buys Alliance Trust SIPPsHas the long awaited consolidation of SIPP providers started?

Curtis Banks has announced that they will be buying the Full SIPP Business of Alliance Trust.

Alliance Trust run two SIPPs (Self Invested Personal Pensions), the Full SIPP, which allows access to a wide range of investments and the Select SIPP, which is more restrictive.

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Under the agreement Alliance Trust will continue to run the Select SIPP, whilst 6,000 Full SIPPs, with around £3 billion of funds under management, will be transferred to Curtis Banks.

It was also announced that whilst the Alliance Trust staff in London and Dundee would be retained the SIPPs will move under the Curtis Banks branding.

In a statement Curtis Banks said: “This acquisition creates a major business with significant sustainable future income and makes us well placed to succeed in the current environment. We see major consolidation in the SIPP industry in the next few years and we intend to be at the forefront of this process.”

Whilst Alliance Trust Savings Managing Director, Patrick Mill, commented: “One of our main concerns when considering the sale of this business was to ensure that our customers and staff experienced minimal disruption.

“We worked hard to ensure that all staff will be retained from both the Dundee and London offices and that Curtis Banks’ commitment to this market will ensure our customers continue to receive high levels of service going forward.”

SIPP consolidation

On the back on increasing regulatory and technological challenged consolidation of SIPP providers has long been predicted, but until now has not happened in any meaningful way.

Many SIPP experts believe that the uncertainty created by the FSA’s review of the SIPP market, which is likely to lead to SIPP providers needing to maintain higher levels of capital adequacy, is holding back more consolidation activity.
In many ways, Curtis Banks has stolen a march on other SIPP providers with this example of a smaller, albeit ambitious firm, acquiring a much larger business.

Who is Curtis Banks?

Curtis Banks are based in Bristol and offer a range of self-invested pension solutions, including their Defaqto Five Star rated SIPP.

Their SIPP offers a competitive fee structure with admirable use of technology.

You can learn more about Curtis Banks by clicking here.

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