Sipp provider Suffolk Life has acquired the Sipp business of Origen Investment Services. This will see over 400 Sipp plans transferred from Origen to Suffolk Life following Origen's decision to wind-up its Sipp scheme. Origen will remain as the financial adviser to the investors.
Suffolk Life, a corporate member of the Institute of Financial Planning, said it made the acquisition from its own retained profits and remained "strongly capitalised" for the Financial Conduct Authority's capital adequacy rulings.
Will Self, designate managing director of Suffolk Life, said the move indicated smaller firms were looking for long-term partners for their clients' Sipps.
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He said: "Our acquisition of the Sipp book from Origen should leave no doubt about the direction of travel of the Sipp market and of the role that Suffolk Life intends to take within it. This is our fourth acquisition, including deals with Pointon York and Pearson Jones, demonstrating that we have a proven, sustainable acquisition process with clients at its heart. We have the capability and desire to intensify this acquisition program."
"With first Pearson Jones and now Origen this is less about acquisition and more about quality adviser firms with strong post-RDR businesses looking for sustainable, trustworthy long term partners for their clients' Sipps. Their decisions validate the way we're building our service proposition and business."
The firm previously acquired 280 Sipp plans from Pearson Jones earlier in May and 1,700 Sipps from Pointon York in November.