SSAS agency WestBridge Group is to accumulate the staff, purchasers and property of Rowanmoor Govt Pensions Restricted’s (REPL) ebook of three,500 small self-administered schemes (SSAS), for an undisclosed sum.
The transfer comes after SIPP agency Alltrust introduced earlier at the moment it could purchase the SIPP and SSAS enterprise Rowanmoor Private Pensions Restricted (RPPL) from failed agency Rowanmoor which went into administration in the summertime.
That is the second main acquisition for Leicester-based WestBridge and follows the acquisition of the James Hay SSAS ebook in March 2021.
The deal will add over 3,500 SSASs to Westbridge’s present ebook of 1,000 schemes.
The acquisition is ready to be accomplished by the top of January when WestBridge will absolutely take over REPL. All 97 workers will probably be retained and proceed to function from present workplaces in Bolton and Salisbury.
The acquisition will embrace REPL’s actuarial staff who will be a part of the skilled companies staff at WestBridge.
Tom Moore, chairman of WestBridge Group, stated: “We’ve got made no secret that we’re acquisitive for the best books of enterprise and have proven how we are able to efficiently combine them into the WestBridge Group. That is one other thrilling alternative for us to deliver collectively the mixed experience of SSAS professionals from each corporations to create a hub of SSAS excellence. We look ahead to welcoming the staff to the WestBridge Group and attending to know all of them.
“REPL is a longtime enterprise benefiting from robust administration and a depth of sources. We look ahead to assembly their purchasers and middleman companions to reaffirm our dedication to devoted account manager-driven SSAS administration.”
Paul Downing of Rowanmoor Govt Pensions Restricted stated: “As a number one SSAS administrator, we obtained numerous expressions of curiosity in buying our enterprise and consumer ebook. The board is delighted to have discovered the best residence for our workers, property underneath administration, and importantly our clients who will obtain the good thing about continuity in service as WestBridge takes the helm.”
WestBridge Group plans to rebrand its enlarged enterprise in Q1 2023.
WestBridge offers specialist tax recommendation and impartial administration, consultancy and trustee companies for SSASs. It was established in 2016.