• Six figure deal includes SSAS portfolio and staff
  • Expands distribution reach into key South East region

Self-Invested pension provider @sipp has acquired Alfa Trustees Limited (“Alfa Trustees”) from Foden Baynes Associates Limited (“Foden Baynes”) in a six figure deal.

As part of the deal, @sipp will acquire Alfa Trustees’ Small Self-Administered Scheme (SSAS) business bringing @sipp’s total Assets under administration to over £850m.

Gill Baynes, Director of Alfa Trustees, will join the @sipp management team as Head of SSAS with immediate effect whilst all other Alfa Trustees and Foden Baynes SSAS employees will also transfer to @sipp. The Alfa Trustees office in Essex will remain and provide crucial access to the South East region.

Eddie McGuire, Managing Director comments: “This is an exciting development for our business. Today’s deal underlines our strong capital position and signifies our desire to complete further acquisitions which offer complementary services or additional distribution options. The SSAS market is a core component of our growth strategy and this deal complements our existing SSAS expertise, and at the same time, provides wider distribution opportunities in the South East region. We are delighted to welcome Gill and her team to @sipp”.

Commenting on the deal Gill Baynes, Director Alfa Trustees said: “There were two key factors in our choice of partner – namely a real commitment to the service quality our existing clients have enjoyed for many years coupled with the scale and ambition to invest in and grow their SSAS proposition.

It was clear that @sipp’s outlook mirrored our own. We believe that aspects such as pension led funding options, enhanced investment flexibility and succession planning opportunities provides the framework for significant growth in the SSAS market.

We, in common with many firms in the sector, have benefitted from a renaissance in the market in recent years – fuelled by changes such as the new “pension flexibility” rules and greater adviser awareness of both the personal and corporate benefits SSAS planning can bring.

We are excited by the outlook for the sector and look forward to delivering on our goals”.