City Trustees - part of Mattioli Woods



News and Media

11 August 2014

City Trustees acquire pension administration business from Ashcourt Rowan plc

City Trustees is proud to announce that it has acquired the pension administration business from UK Wealth Management Limited (UKWM), a wholly-owned subsidiary of Ashcourt Rowan plc.

The business has been acquired for a total cash consideration of up to £355,000 comprising an initial consideration of £275,000, plus deferred consideration of up to £80,000.

This is the second acquisition of a portfolio from Ashcourt Rowan for City Trustees. This new opportunity will add approximately 460 new SIPP and SSAS schemes, with total funds under trusteeship of over £190 million.

Ed Carey, Managing Director of City Trustees, said:

"Our strategic relationship with Ashcourt Rowan demonstrates our capabilities to work with professional intermediaries, providing a well-resourced and fully compliant administration business.

"This is another great addition to the City Trustees portfolio that will help grow our service proposition, particularly at a time when we are seeing a number of changes in the SIPP market with providers coming under increasing pressure and regulatory scrutiny."

 

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