Curtis Banks buys Sipp book out of administration

Added 15th July 2016

Curtis Banks Group has acquired the self-invested personal pension (Sipp) business of UK-based European Pensions Management (EPM) for an undisclosed sum.

Curtis Banks buys Sipp book out of administration

EPM, which has over 6,000 customers, formally entered insolvency proceedings in June.

EPM administers around 5,000 Sipps and has assets under administration of around £630m ($834m, €751m).  

In June, the Financial Conduct Authority (FCA) said that it was looking to sell the firm’s book of business to another Sipp operator in a bid to provide “continuity of service to EPM’s clients”.

Decent book

Curtis Banks’ chief executive, Rupert Curtis, told International Adviser that the company has done its due dilligence and is “satisfied that it is a decent book of business and we are happy to proceed with buying it on that basis”.

The business will be administered by Suffolk Life Pension, a wholly-owned subsidiary of Curtis Banks that was acquired earlier this year from Legal & General for £45m.

“It is a good quality book of Sipps, and Suffolk Life remains comfortably capitalised following the acquisition.”

The deal takes Suffolk Life to 30,000 Sipps and assets under administration of nearly £10bn.

Commitment to Sipp growth

Suffolk Life managing director, Will Self, 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.

“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,” he said. 

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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