Thursday, 27 June 2013 10:07
Mattioli Woods appointed to run HD Sipp
Mattioli Woods has announced that the firm has been appointed to run the HD Sipp.
In a trading update, the firm said HD Sipp had around 40 active members and follows appointments for the firm to run the Freedom Sipp and the Pilgrim Sipp.
HD Sipp was formerly run by Nottingham-based HD Administrators which was wound up by the Financial Services Authority in June 2012.
Mattioli Woods also acquired the pensions business of Ashcourt Rowan in April 2013.
Bob Woods, executive chairman of Mattioli Woods, said: "Many commentators have predicted a frenzy of acquisitions as the advisory market consolidates post-RDR. In addition, proposed increases in the regulatory capital requirement for operators of Sipps is driving consolidation in another of our core markets and we were pleased to acquire the pensions administration business of Ashcourt Rowan.
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"I am delighted to announce our appointment to operate the HD Sipp, which is estimated to have around 40 active members. Following on from our appointments to the Freedom Sipp and the Pilgrim Sipp, we have worked closely with The Insolvency Service, the Financial Conduct Authority and HM Revenue & Customs to secure the scheme's ongoing viability following the failure of the previous operator."
The firm's assets under administration increased by 20 per cent to £3.6bn. This was due to the additional funds of £302m acquired with Ashcourt Rowan pension business and £113m secured on appointment to run the Pilgrim Sipp. This is in addition to £107m in Mattioli Woods' core pension business.
Full results for the year to 31 May 2013 will be released on 28 August.
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In a trading update, the firm said HD Sipp had around 40 active members and follows appointments for the firm to run the Freedom Sipp and the Pilgrim Sipp.
HD Sipp was formerly run by Nottingham-based HD Administrators which was wound up by the Financial Services Authority in June 2012.
Mattioli Woods also acquired the pensions business of Ashcourt Rowan in April 2013.
Bob Woods, executive chairman of Mattioli Woods, said: "Many commentators have predicted a frenzy of acquisitions as the advisory market consolidates post-RDR. In addition, proposed increases in the regulatory capital requirement for operators of Sipps is driving consolidation in another of our core markets and we were pleased to acquire the pensions administration business of Ashcourt Rowan.
{desktop}{/desktop}{mobile}{/mobile}
"I am delighted to announce our appointment to operate the HD Sipp, which is estimated to have around 40 active members. Following on from our appointments to the Freedom Sipp and the Pilgrim Sipp, we have worked closely with The Insolvency Service, the Financial Conduct Authority and HM Revenue & Customs to secure the scheme's ongoing viability following the failure of the previous operator."
The firm's assets under administration increased by 20 per cent to £3.6bn. This was due to the additional funds of £302m acquired with Ashcourt Rowan pension business and £113m secured on appointment to run the Pilgrim Sipp. This is in addition to £107m in Mattioli Woods' core pension business.
Full results for the year to 31 May 2013 will be released on 28 August.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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