City Trustees, a subsidiary firm of Mattioli Woods, has acquired the pensions business of Ashcourt Rowan for £1.3m.
The cost comprises of £700,000 initially plus deferred consideration of up to £625,000 subject to revenue and client retention targets during the five years following completion.
The pension business provides trustee and administration service to over 600 Sipp schemes and 150 SSAS schemes with total funds of over £300m.
The acquisition comprises the trade and certain assets of Ashcourt Rowan Administration Limited, 100 per cent of the share capital of Ashcourt Rowan Pension Trustees Limited and 100 per cent of the share capital of Robinson Gear, a wholly-owned subsidiary of Ashcourt Rowan.
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Ian Mattioli, chief executive of Mattioli Woods, said: "Ashcourt Rowan has an excellent reputation for building first-rate client relationships. As financial markets change, there is real synergy in organisations like Ashcourt Rowan and Mattioli Woods entering into strategic partnerships to deliver better service and longt erm security for clients. We look forward to developing a strong relationship with Ashcourt Rowan and its advisers.
"With increasing complexity and continuing consolidation in the Sipp sector, we anticipate there will be further opportunities to expand Mattioli Woods' operations, both organically and by acquisition."
Jonathan Polin, group chief executive of Ashcourt Rowan, said: "As Ashcourt Rowan continues to make significant strides across its business units it is important as a management team we focus on our core. The administration of Sipp and Ssas schemes is not core to our business. We have found a strategic partner with the expertise, scale and systems to give the very best service to our clients. Mattioli Woods is an organisation that is aligned with our values and has the same view of the broader wealth management market as we do. I look forward to working with the team over the coming years."