A number of Sipp providers have lined up bids for rival Carey Pensions UK, New Model Adviser® understands.
Sources familiar with the situation said that Mattioli Woods, Xafinity and Intelligent Money have approached Carey Pensions in recent months with an offer to buy the business.
According to people close to the matter Xafinity made its approach for the company in March. However, Xafinity was told that Carey Pensions UK was engaged in talks with another provider so the discussions could not go any further.
Andy Bowsher, director of self-invested pensions at Xafinity, confirmed the company was looking at acquisitions but would not comment specifically on Carey Pensions UK.
‘Xafinity is financially strong and is currently one of very few providers with the capital, desire, and experience to acquire Sipp and SSAS books,’ he said.
‘We have acquired and integrated a number of books recently to complement our organic growth, and, we continue to look for good quality acquisitions, but it would be inappropriate for me to comment on any discussions.’
Mattioli Woods also approached Carey Pensions earlier this year, New Model Adviser® understands. A spokeswoman for Mattioli Woods said the company would not comment on market speculation.
Julian Penniston-Hill, chief executive of Sipp provider Intelligent Money, said he was also one of the interested parties and approached Carey Pensions UK last month.
‘We have had contact and we do have interest but only if the right structure is agreed. But it’s very early days,’ Penniston-Hill said.
Christine Hallett (pictured), chief executive of Carey Pensions UK, admitted the firm has been ‘approached regularly’. But she added that these talks have not come to anything yet.
‘As you can imagine all small independent Sipp operators are targets for potential acquisitions with so many other companies stating that they are keen to acquire, it is correct we are getting approached regularly but thus far there is nothing to report,’ she said.
‘As of today’s date we are not in exclusive talks with any one company and we have not engaged any firm to try and sell the business.’
She went on to say that Carey Pensions UK is continuing as normal and that the company ‘continues to service our connections and clients in a highly professional way’.
In May the international pension business Carey Pensions and Benefits Limited (CPBL) was sold to Overseas Trust and Pension Limited (OTAP). This firm is based in Guernsey, Channel Islands, and is separate to Carey Pensions UK.
Carey Pensions UK is headquartered in Milton Keynes and has around 5,000 Sipps on its books. Founded in 2009, the firm has a focus on commercial property investment.