James Hay Partnership, a UK-based self invested personal pensions (SIPPs) provider, has agreed to acquire Capita’s self invested personal pension book for an undisclosed sum.
The transaction is expected to completion by the end of the first quarter 2015.
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Under the deal, James Hay will acquire 2,500 agreements in Capita’s own Sipp book, which holds around £1 billion in assets.
Additionally, James Hay is also in talks with 10 of the Capita’s corporate partners to take on their Sipp arrangements.
The acquisition will see James Hay working with Capita to create a dedicated team to manage the transfer.
Alastair Conway CEO James Hay Partnership said: "This means we are able to offer an enhanced service for the new customers, a favorable outcome for the other organizations involved and we will be able to process the business in the most efficient way possible. The move will give clients access to an extremely advanced and scalable IT system, as well as our sophisticated product and investment solutions.
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By GlobalData"We will manage the project through a new dedicated team, it will not impact existing customers and our current client service levels, which will remain a priority," he added.
