Denton’s acquisition of SIPPchoice ‘proves commitment to market’, SIPP/SSAS provider says
11 February 2018
Specialist pensions provider Dentons Pension Management has taken over London-based SIPP provider Sippchoice for an undisclosed amount, boosting its assets under administration to over £4bn.
The acquisition will add around 1,400 SIPPs to Denton’s existing book of business, bringing the total to over 6,000 SIPPs, along with 800 SSAS clients.
Ian Stewart, joint managing director at Dentons Pension Management, said the move continued the firm’s commitment to the SIPP market.
He said: “Where other providers have reduced their exposure to the full SIPP market, we have continued our commitment to this and the SSAS market. Our detailed due diligence has confirmed that Sippchoice is a like-minded company that shares our commitment to providing a high quality professional and personal service to our clients and advisers.”
Stewart said Sippchoice is of a size that “can be easily integrated” into the firm without affecting the service it offers, and described the acquisition as consolidating its position “as one of the leading full SIPP providers.”
He added: “We have made no secret that we would look at all opportunities to grow the business but when acquiring it has to be the right business or SIPP book. Sippchoice is a great fit for us with both firms sharing a similar ethos of placing the clients’ interests at the centre of everything we do.”
Hyman Wolanski, managing director of Sippchoice, said: “Sippchoice has established itself as a highly-regarded player in the full SIPP market since its inception in 2009. However, for a host of reasons – the main one being the age of the shareholders – we have come to the view that the best way to take the business forward is to combine with a larger established SIPP operator.
“The key issue for us was to find a SIPP business that would be the best fit for our clients and I am delighted that we were able to conclude this deal with Dentons. They were our first choice because of our shared commitment to provide the best possible experience for our SIPP clients and their advisers. So, whilst I will be very sorry to say goodbye to our SIPP, I am very reassured that we will be leaving it in the best possible hands.”
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