SSAS firm WestBridge Group is to acquire the employees, clients and assets of Rowanmoor Executive Pensions Limited’s (REPL) book of 3,500 small self-administered schemes (SSAS), for an undisclosed sum.
The move comes after SIPP firm Alltrust announced earlier today it would buy the SIPP and SSAS business Rowanmoor Personal Pensions Limited (RPPL) from failed firm Rowanmoor which went into administration in the summer.
This is the second major acquisition for Leicester-based WestBridge and follows the purchase of the James Hay SSAS book in March 2021.
The deal will add over 3,500 SSASs to Westbridge’s existing book of 1,000 schemes.
The acquisition is set to be completed by the end of January when WestBridge will fully take over REPL. All 97 staff will be retained and continue to operate from current offices in Bolton and Salisbury.
The acquisition will include REPL’s actuarial team who will join the professional services team at WestBridge.
Tom Moore, chairman of WestBridge Group, said: “We have made no secret that we are acquisitive for the right books of business and have shown how we can successfully integrate them into the WestBridge Group. This is another exciting opportunity for us to bring together the combined expertise of SSAS professionals from both firms to create a hub of SSAS excellence. We look forward to welcoming the team to the WestBridge Group and getting to know them all.
“REPL is an established business benefiting from strong management and a depth of resources. We look forward to meeting their clients and intermediary partners to reaffirm our commitment to dedicated account manager-driven SSAS administration.”
Paul Downing of Rowanmoor Executive Pensions Limited said: “As a leading SSAS administrator, we received a number of expressions of interest in acquiring our business and client book. The board is delighted to have found the right home for our staff, assets under administration, and importantly our customers who will receive the benefit of continuity in service as WestBridge takes the helm.”
WestBridge Group plans to rebrand its enlarged business in Q1 2023.
WestBridge provides specialist tax advice and independent administration, consultancy and trustee services for SSASs. It was established in 2016.
