Sipp provider Curtis Banks Group has completed its acquisition of Suffolk Life Group and its subsidiaries, it was announced this morning.

Curtis Banks said the move has made it the second largest dedicated independent Sipp provider in the UK.

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

The group employs over 500 staff in its offices in Bristol, Ipswich, Dundee and Market Harborough. The takeover has been finalised after the approval of Change of Control from the Financial Conduct Authority and the Prudential Regulation Authority.

Chris Banks, chairman of Curtis Banks, said: “I am delighted that the acquisition of Suffolk Life has now completed. This is a very significant acquisition for the group.

“My colleagues and I look forward to working with the skilled management team already in place at Suffolk Life in order to develop the potential of the combined group for the benefit of clients, advisers, staff and shareholders.

“We are very pleased that Legal & General has chosen Curtis Banks to take ownership of this business and believe this reflects our strong standing and market reputation.”

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.”