City Trustees - part of Mattioli Woods



News and Media

28 January 2015

City Trustees to administer Bellpenny's pension administration business

City Trustees, the IFA-facing arm of Mattioli Woods plc, has announced it will be administering Bellpenny's pension administration business. The Mattioli Woods Group acquired the portfolio, which consists entirely of national IFA Torquil Clark's pension administration business, of which Bellpenny originally acquired in August 2014.

As a result of the transaction, City Trustees will be administering a portfolio of 140 SIPP and SSAS with total funds under trusteeship of £83 million. It has also been appointed to Bellpenny's panel of SIPP providers.

Commenting on the acquisition, Ed Carey, Managing Director said:

"This transaction is another endorsement of our in-depth expertise in pension administration and we are keen to work together with Bellpenny to achieve the best outcomes for its clients. In addition to this portfolio, City Trustees provides administration services to other IFA organisations throughout the UK and by working together we have developed a high-quality, well-resourced, and fully-compliant administration platform".

From 1 September 2016, the FCA will introduce a number of changes to the existing rules, which will have a significant impact on SIPP providers who will need to hold more cash in their businesses.  As part of Mattioli Woods plc, City Trustees is in a strong position to meet regulatory changes and the enhancement of capital resources.

The Bellpenny portfolio acquisition comes at an exciting time for the Group, which has just posted its interim results, where it has reported a 23.4% increase in revenues to £16.59 million for the first half of this financial year.

 

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City Trustees is a trading name of Mattioli Woods plc. For news updates on the Group, please visit our central News & Media on the Group website.