Discount broker Clubfinance has acquired Sipp provider Intelligent Money’s direct-to-consumer business of Intelligent Money for an undisclosed sum.
The direct-to-consumer business has collective assets of around £100m.
Clubfinance founder David Scrivens says: “Intelligent Money’s consumer clients will not only continue to receive an efficient service but we hope they will also save even more money as a result of this deal.
“Even beyond the RDR, our investors will continue to be able to benefit from our commission arrangements on pre-existing investments and new non-advised business.”
Clubfinance is set to launch a Sipp product through its Frequent Trader platform, which launched earlier this year, in the coming months, which Intelligent Money will provide administrative and trustee services. Investors will have the option of choosing alternative fee-based charging structures.
Intelligent Money chief executive Julian Penniston-Hill said the direct-to-consumer legacy book was not core to its intermediary-only business.
He says: “Clubfinance was the ideal firm to take over these clients being fully prepared for the introduction of RDR and having a long and proven track record of delivering high value low cost investment solutions for the direct-to-consumer market.”
Intelligent Money says it will continue to focus on growth in the intermediary-only Sipp market.