Talbot and Muir buys adviser’s Sipp book

Talbot and Muir has acquired the self-invested personal pension and small self-administered scheme business The Pensions Partnership from Group IFA. 

The acquisition will add 380 Sipps and 360 Ssas plans to Talbot and Muir’s existing book, taking its total assets under administration to £3.5bn.  

As part of the deal Group IFA will continue to advise these clients. 

The Sipp book will be administered in the current Talbot and Muir office in Nottingham and the Ssas plans out of the existing Leeds office. 

Talbot and Muir will take over the lease on the Leeds office and the group has pledged that all permanent staff will be retained.

It is not known how much Talbot and Muir paid for the Sipp and Ssas administration business.

Graham Muir, director at Talbot and Muir, said: “The acquisition of The Pensions Partnership from Group IFA is another important part of our growth strategy.  We have been looking to expand our footprint in the north of England and this business provides an excellent opportunity for us to do this.  

“We do not undertake acquisitions lightly and it is important to identify those businesses that are well run and have high quality staff. The Pensions Partnership satisfies all of that criteria and we look forward to having the staff and their clients join us.”

Phil Rose, chief executive officer at Group IFA, added: “When we made the strategic decision to sell our Sipp and Ssas business, we looked across the market and narrowed it down to a handful of firms. The most important thing for us was finding a firm with the right client centric cultural fit.

“We felt that Talbot and Muir stood head and shoulders above the other firms and was the only company in a position to provide personalised administration service to our clients who we will continue to advise”

Earlier this year (July 23), as part of its half-year results, Talbot and Muir announced a 58 per cent increase in new Ssas business and an 18 per cent increase in Sipp sales.

The firm attributed the growth to an increase in new advisers using its services, who it stated had moved away from the platform market instead opting for an independent provider.