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Dentons acquires bespoke SIPP book
Posted on 01/02/2018 by Ian Stewart
With effect from Wednesday 31 January 2018, Dentons has announced the acquisition of Sippchoice, the London based bespoke SIPP provider for an undisclosed sum.
This acquisition will see Dentons add approximately 1,400 SIPPs to its existing book of business bringing the total to over 6,000 SIPPs along with nearly 800 SSAS clients. It will take Dentons’ assets under administration to over £4 billion.
Ian Stewart, Joint Managing Director said
“Where other providers have reduced their exposure to the full SIPP market, we have continued our commitment to this and the SSAS market. Our detailed due diligence has confirmed that Sippchoice is a like-minded company that shares our commitment to providing a high quality professional and personal service to our clients and advisers. Sippchoice is of a size that can be easily integrated into our current business without affecting the service that both we and they currently provide. This acquisition will further consolidate our position as one of the leading full SIPP providers.
"We have made no secret that we would look at all opportunities to grow the business but when acquiring it has to be the right business or SIPP book. Sippchoice is a great fit for us with both firms sharing a similar ethos of placing the clients’ interests at the centre of everything we do.
Hyman Wolanski, Managing Director of Sippchoice said:
“Sippchoice has established itself as a highly-regarded player in the full SIPP market since its inception in 2009 and it operates very efficiently with a very high level of client satisfaction. However, for a host of reasons – the main one being the age of the shareholders – we have reluctantly come to the view that the best way to take the business forward is to combine with a larger established SIPP operator. The key issue for us was to find a SIPP business that would be the best fit for our clients and I am delighted that we were able to conclude this deal with Dentons, who were always our first choice because of our shared commitment to provide the best possible experience for our SIPP clients and their advisers.”
“So, whilst I will be very sorry to say goodbye to our SIPP, I am very reassured that we will be leaving it in the best possible hands.”
David Fox, Director of Sales & Marketing concluded
: "The FCA’s capital adequacy rules and increased regulatory pressures have resulted in a time of uncertainty for many SIPP operators and this acquisition is a strong statement of intent by Dentons. It is our financial stability and service reputation that makes us an ideal partner.”