London & Colonial will continue to operate under its own brand name but will be fully integrated into the enlarged Group, STM said in a statement on 21 October.
STM Group has entered into a conditional agreement to acquire the UK Sipp provide and its subsidiaries in September for nearly £5.4m ($7.2m, €6.4m).
Completion was subject to delivery of 100% of the voting share capital and regulatory approval from the Gibraltar Financial Services Commission.
Approval was already place from the UK’s Financial Conduct Authority.
The statement highlighted that STM had achieved its strategic objective of entering the UK Sipp market which it believes will be scalable and able to accommodate returning UK expatriates with a SIPP offering as well as organically growing the business in UK.
Alan Kentish, chief executive of STM, said the acquisition of London & Colonial had been completed ahead of the expected timeline.
“We believe this is a clear case of the aggregate of the two businesses being worth significantly more than the sum of the parts, and I look forward to updating the market on our progress in the near future”, he said.
