SIPP and SSAS provider InvestAcc Group has completed its acquisition of the AJ Bell Platinum SIPP and SSAS business for £25m.

The deal has brought InvestAcc Group’s total AUA to £9bn, with more than 18,000 customers.

The acquisition has added 3,400 new customers, 46 employees, new adviser relationships, and a Manchester office.

Will Self, CEO of InvestAcc, said: “This acquisition represents a key step forward for InvestAcc Group, reinforcing our commitment to delivering pension services while expanding our reach and capabilities.”

From today, InvestAcc Pension Administration Limited, a subsidiary of InvestAcc Group, has assumed responsibility for the administration, operation, and trustee services of the Platinum SIPP and SSAS schemes.

InvestAcc paid £18.5m on completion, with £17.5m in cash and £1m in InvestAcc shares. The remaining £6.5m has been paid in cash as a deferred consideration, subject to undisclosed conditions.

When the deal was announced in March, Platinum had £3.2bn in assets under administration on behalf of 3,600 customers. The arm administrates 3,562 schemes with an average account size of around £670,000.

The Platinum business was the high-net-worth arm of AJ Bell’s non-platform SIPP and SSAS business, and in 2024 accounted for around half of AJ Bell’s non-platform SIPP assets.

InvestAcc said clients and their advisers will continue working alongside the same dedicated administration teams who previously supported them under AJ Bell. Comprehensive FAQs, updated contact details and the latest product literature are available to clients and their advisers via the new InvestAcc Platinum website.

The company said the move does not constitute a pension transfer to a different scheme or product. InvestAcc has bought the AJ Bell Platinum Trustee companies, so all investments continue as before and remain secure, with no changes to client’s service arrangements or fee structures.

Group revenues more than doubled to £6m for InvestAcc for the six months ended 30 June (H2 2024: £2.5m).

Pension administration services and wealth management fees accounted for 52% and 21% of total income respectively.

The company, formerly known as Marwyn Acquisition Company, changed its name to InvestAcc last October after acquiring a pensions administration business in a £41.5m deal.

It completed the acquisition of InvestAcc on 9 October 2024 for £41.5m. Its buy-and-build strategy is to build the UK’s leading specialist pensions administration business in the public markets with an initial focus on the SIPP segment.