Ashcourt Rowan has agreed to sell its pension trustee companies, Ashcourt Pension Trustees Limited and Robinson Gear Ashcourt Rowan has planned to sell its personal pensions administration business to Mattioli Woods for up to GBP1.325 million (US$2.018).
The sale amount comprises of an initial consideration of GBP700,000 with further deferred payments of up to GBP625,000 payable subject to certain revenue and client retention targets being met during the five years following completion.
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SIPP and SSAS clients will continue to receive portfolio management and financial planning services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. However, the administration of their pensions will be transferred to Mattioli Woods’ pension administration and trustee services arm, City Trustees.
Jonathan Polin, group chief executive of Ashcourt Rowan, said: "As Ashcourt Rowan continues to make significant strides across its business units it is important as a management team we focus on our core. The administration of SIPP and SSAS schemes is not core to our business.
"We have found a strategic partner with the expertise, scale and systems to give the very best service to our clients. Mattioli Woods is an organisation that is aligned with our values and has the same view of the broader wealth management market as we do. I look forward to working with the team over the coming years and ensuring a smooth transition for our clients."
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