An Australian-based Financial Planning technology platform provider has bought an English Sipp provider.

Wensley Mackay, based in Cumbria, England, has been acquired by Praemium, it was announced this morning.

A public notice on the Australian Stock Exchange showed that the deal is £600,000 in cash.

Bosses at Praemium, a global firm providing financial planning technology platforms and investment administration, said it was a “strategic acquisition”.

This will allow it to “enter the UK private pension space and access a significant new source of funds under administration via its existing adviser relationships”.

Praemium administers in excess of 300,000 investor accounts covering approximately $80 billion in funds globally, and currently provides services to approximately 700 financial institutions and intermediaries, including some of the world’s largest financial institutions.

Praemium currently operates its discretionary investment platform in the UK using the company’s proprietary Separately Managed Account technology, offering advisers access to investment options through ISAs and General Investment Accounts.

Praemium CEO Michael Ohanessian said: “In the UK, platform providers have seen the retirement market open up following pension reforms introduced in April 2015 that de-mandated the use of annuity investments.

“Investors are exiting annuities and seeking other options for their retirement savings, with a major shift to pension schemes like Sipps that offer a wide range of investment options.

“Accordingly, adding a Sipp solution to our UK platform proposition enhances our growth prospects by offering a complete package to our clients. When coupled with our range of innovative investment products, such as the 80% Capital Protected funds that are ideal for retirees, we expect considerable upside from our UK and international distribution channels.”

Paul Wensley, managing director of Wensley Mackay, which was founded in 1992, said: “I am incredibly proud of what we have achieved at Wensley Mackay over the last 24 years. This deal offers a fantastic opportunity to grow the business and continue to deliver the high quality service for which we have become known to a much larger group of financial services professionals and clients in the UK.”

The agreement is subject to satisfactory completion of the conditions specified in the agreement, including approval by the Financial Conduct Authority