Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

Curtis Banks completes acquisition of Suffolk Life

26 May 2016

Image for Curtis Banks completes acquisition of Suffolk Life

Curtis Banks Group has completed its acquisition of Suffolk Life Group from Legal and General Retail Investments.

The combined Curtis Banks and Suffolk Life Group now administers approximately 68,000 pension schemes with assets under administration of around £18bn.

The group employs more than 500 staff in its offices in Bristol, Ipswich, Dundee and Market Harborough and the acquisition makes Curtis Banks the second largest dedicated independent Self Invested Personal Pension (SIPP) providers in the UK.

Prior to the deal, Curtis Banks was one of the top three providers of full SIPP schemes and Small Self-Administered Schemes (SSAS) and had more than £9bn of assets in administration.

It has been working with SSAS since 1977 and SIPP since 1995.

Curtis Banks chairman, Chris Banks, said he was "delighted" the deal was now complete.

He said: "This is a very significant acquisition for the group and we are all looking forward to working with the skilled management team already in place at Suffolk Life to develop the potential of the group – for clients, advisers, staff and shareholders."

Banks added that he was "very pleased" Legal & General chose the company – and believes it reflects its strong standing and market reputation.

Suffolk Life specialises in SIPPs and managed assets worth over £8.5billion – it also specialises in the purchase and management of property.

Will Self, managing director of Suffolk Life, said: "Joining the Curtis Banks Group, with its strong focus on the advised retirement market will help Suffolk Life realise its strong potential.

"Over time the expected improvements will not only benefit advisers and their clients but will play an important role supporting the longer term ambitions of the Group."

The deal came after approval of Change of Control from both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.

First published 26.05.2016