British SIPP operator Curtis Banks has purchased a SIPP book worth around £180m from wealth management firm Hargreave Hale.
The acquired entity includes 600 SIPPs. Financial terms of the deal were not disclosed.
Hargreave Hale, which was taken over by Canaccord Genuity Wealth Management last year, will continue to manage the assets. Curtis Banks will handle administration of the SIPPs.
Commenting on the deal, Curtis Banks incoming group CEO Will Self said: “Investing to add high quality assets is a core component of our future growth strategy.
“We also see great potential for improving organic growth, by better meeting the needs of advisers and their clients, and we’ll soon launch a new SIPP product to market. We’re targeting an increased rate of growth in 2019.”
The latest deal is Curtis Banks’ tenth acquisition since its inception in 2009.
Curtis Banks group CEO Rupert Curtis said: “This book of SIPPs from Hargreave Hale is a good fit for our business model and the clients will benefit from the high quality, service-led proposition that we provide.”
Currently, Curtis Banks is responsible for administration of more than 77,000 Self-Invested Pension Schemes. The business has a workforce of around 570 across offices in Bristol, Ipswich, as well as Dundee.