Guernsey-headquartered The UAP Group has acquired Cardiff-based Alltrust Services for an undisclosed sum.
Alltrust is a self-invested personal pension (Sipp) and small self-administered scheme (Ssas) provider.
As part of the deal, Tim Williams will stay on at Alltrust as executive director.
UAP co-founder James Floyd will become Alltrust managing director, with Tommy Burns and Rob Shipman becoming non-executive directors, while Hamid Nawaz-Khan will move into the role of group consultant.
Shipman, group chief executive and co-founder of UAP, said: “The acquisition of Alltrust brings UAP a prestigious and well recognised pension brand, while also adding significant opportunities to the UAP business.
“By combining the innovative technological solutions of UAP with the expertise and strong reputation of Alltrust, we are in the perfect position to continue enhancing our service while developing new and pioneering solutions for the benefit of our clients. Expansion is our focus.”
This deal follows UAP’s acquisition of Guernsey-based Concept Group for an undisclosed sum in October 2021.
Rowanmoor
At the same time, the UAP Group has agreed to buy the Sipp and family pension trust (FPT) books and staff of Rowanmoor Personal Pensions Limited (RPPL) for the Alltrust business. The financial terms of the deal were not disclosed.
RPPL entered administration on 31 August 2022. Adam Stephens and Christopher Allen of Evelyn Partners were appointed as joint administrators at the time.
Shipman added: “We have exciting plans and as part of this we have agreed to acquire the Sipp book and staff of RPPL. This will further strengthen the Alltrust offering and provide much needed stability to the staff and clients of Rowanmoor.”
The joint administrators said that RPPL’s Sipp and FPT staff will transfer to Alltrust when the sale completes, which will assist in ensuring that clients will experience minimum disruption in the transfer process. Accordingly, the joint administrators and Alltrust do not anticipate that there will be any interruption to the services previously provided by RPPL.
Clients and advisers will receive letters in the coming days which provide further details regarding the sale. Due to the ongoing postal strikes, there may be a short delay in these letters being received.
Evelyn Partners’ Stephens, lead administrator of RPPL, said: “We are pleased to confirm that contracts have been exchanged for the sale of RPPL’s Sipp and FPT business to Alltrust, which we anticipate will complete in early 2023 and should provide continuity of service to RPPL’s clients.
“This is a good result and we thank all of Rowanmoor’s staff for their assistance and the company’s many clients for their patience whilst we work to finalise the sale.”
Prior to entering administration, RPPL specialised in the provision of scheme administration and scheme operation services in respect of Sipps and FPTs. It administered around 4,000 Sipps and approximately 800 FPTs, with a total investment value of around £1.5bn ($1.83bn, €1.74bn).
