Curtis Banks acquires Talbot and Muir and fintech Dunstan Thomas
23 July 2020
Curtis Banks is set to acquire competitor Talbot and Muir and fintech provider Dunstan Thomas in separate deals worth close to £53 million, shaking up the SIPP market.
The total consideration for Talbot and Muir is up to £25.25 million, while Dunstan Thomas is up to £27.5 million, the Sipp provider said in a statement on Thursday.
The acquisition of Talbot and Muir will bring with it over 7,000 pensions with assets under administration of £3.6 billion.
Meanwhile, the addition of Dunstan Thomas will complement Curtis Banks’ strategy of “delivering growth organically,” and will provide access to a broader product and service offering for its existing and future high net worth clients, the group said.
Dunstan Thomas currently counts Canada Life, Seven IM, Aegon and Novia among its diversified client base.
Curtis Banks said both acquisitions were a demonstration of the firm’s “determination to deliver growth through organic, acquisitive and diversified means.”
Will Self, CEO, Curtis Banks (pictured), said: “We continue to look for the right types of business to grow Curtis Banks in the right way. We identified Talbot and Muir as a good strategic fit and are pleased to have agreed terms to bring them into the Curtis Banks Group.
“Technology is under-utilised in the independent SIPP market. We recently invested in a new digital platform, underpinning the launch of Your Future SIPP, and by bringing Dunstan Thomas into our group we’ll gain direct access to great technology to benefit our customers as well as fulfilling our diversified growth strategy. We are very excited to bring both businesses, their brands, products, services and clients into the Curtis Banks Group.”
Commenting on the sale, Graham Muir, director, Talbot and Muir: “To continue to grow and develop the business we felt the time was right to look for a partner that was a strategic fit and has the same values as we do. We have been considering a number of strategic opportunities and it became clear that Curtis Banks offered the ideal combination of safeguarding and providing opportunities for our valued staff, whilst retaining our Nottingham and Leeds presence and product range.
Meanwhile, Chris Read, CEO, Dunstan Thomas, said that after 34 years as an independent business, it wanted to become a larger entity in the market to take advantage of new opportunities.
Read added: “We see this acquisition as a positive step for all of our clients. Over the years we have provided solutions to companies across the industry. Our product roadmaps have been crafted and developed with the cooperation and input from all of our users. We look forward to continuing to serve our clients with the best products and solutions with performance and integrity at heart.
“Curtis Banks is an ideal choice for us, as they are not only a key client but aspire to build on their traditional pensions background and deliver broader market capability in which technology is a central pillar. We are pleased that our technology will form the foundation for this strategy.”
Professional Paraplanner’s publisher, Research in Finance (RiF), is a leading research company in the financial services sector. On occasion our readers...
This week sees the launch of The Paraplanner Club, a new initiative devised by Siân Davies Cole and Chloe Phillips, a mentoring...
Professional Paraplanner has teamed up with Brand Financial Training to answer your questions around the exams scheduled for 2021....