Last month we reported that European Pensions Management Ltd (EPML) had gone into administration.
It has now been revealed that EMPL has been acquired by Suffolk Life, which itself was bought by Curtis Banks in January of this year.
EPML, which started trading in 2001, went into administration on 21st June 2016.
In a statement on its website, administrator, Smith & Williamson, said: “Clients of the Company (EPML) should now be aware that following a number of sales undertaken by the joint special administrators, all existing clients of the Company are in the process of being moved to new SIPP and ISA providers with effect of the 15th July 2016.”
The deal, which was for an undisclosed sum, will see 5,000 SIPPs (Self-Administered Personal Pensions) and £630 million of assets transferred to Suffolk Life, which will now run 30,000 SIPPs.
Commenting on the deal, Will Self, Managing Director of Suffolk Life, said: “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.”
Self continued: “Joining the Curtis Banks Group was important to realise the potential in the Suffolk Life business, and the acquisition of EPM shows how we can support the Group’s strategic growth ambitions. It is a good quality book of SIPPs, and Suffolk Life remains comfortably capitalised following the acquisition.”
Clients of EPML will be contacted shortly by Suffolk Life, but further information can be found on the Smith & Williamson website by clicking here .
The deal comes in the same month that consolidation in the SIPP market continued with the acquisition of Rowanmoor by Hornbuckle Mitchell.
We are here to help
If you are a client of European Pensions Management and are worried about what this deal means for you, we are here to help.
Call Sarah or Bev on 0115 933 8433 or email email@example.com