UK-based Broadstone Pensions and Investments has acquired the corporate pensions business of UBS Wealth Management UK for an undisclosed sum.
The UBS Corporate Pensions business provides general pensions’ consultancy advice to employers who operate Defined Contribution pension schemes; typical schemes have between 100 and 1,500 members.
The acquisition is expected to strengthen Broadstone’s existing business offering of Defined Contributions services.
Under the deal, the team of six, led by Vanda Cox, which currently operates out of UBS’s London offices, will be transferred to BROADSTONE’s offices at 55 Baker Street, London, with effect from 1 December 2012.
Post acquisition, the Broadstone Group employs 228 people across eight locations in the UK.
Commenting on the acquisition, Mark Howlett, CEO of Broadstone, said: "We look forward to welcoming the team from UBS on board.
"There is a high level of synergy between the corporate benefits business activities of Broadstone and the corporate pensions business of UBS Wealth Management UK as well as efficiencies of scale that will be created within that business," he added.