Ashcourt Rowan has sold the UK Wealth Management Sipp and SSAS book to Mattioli Woods subsidiary City Trustees.
The sale comprises the pension trustee companies – Acomb Trustees, Simmonds Ford Trustees and Ropergate Trustees – along with the trade and certain assets of Pension Administrations.
The deal will net Ashcourt Rowan up to £355,000. This breaks down as an initial consideration of £275,000, with deferred payments of up to £80,000 subject to certain revenue targets being met two years following completion of the sale.
The UKWM pension business comprises over 400 Sipps and SSASs, with total funds under trusteeship of over £190m. Ascourt Rowan announced plans to acquire UKWM in December last year.
Sipp and SSAS clients will continue to receive advisory and portfolio management services from Ashcourt Rowan following the sale but the administration of their pensions will be transferred to City Trustees.
Ashcourt Rowan group chief executive Jonathan Polin says: “Ashcourt Rowan continues to focus on our core businesses.
”The administration of Sipp and SSAS schemes acquired with UKWM is non-core to our business, and this sale follows that announced last year of Ashcourt Rowan’s own Sipp and SSAS business.”