Partly Cloudy

Partly Cloudy

max temp: 20°C

min temp: 16°C

ESTD 1874 Search

Ipswich-based pensions administrator Suffolk Life sold in £45million deal

09:57 15 January 2016

The Suffolk Life offices at 153 Princes Street, Ipswich

The Suffolk Life offices at 153 Princes Street, Ipswich

An Ipswich-based pensions firm has been sold in a £45million deal.

Owner Legal & General Group today announced the sale of Suffolk Life, one of the UK’s leading providers and administrators of SIPPs, or self-invested personal pensions, to Curtis Banks Group.

The acquisition is subject to an underwritten placing by Curtis Banks Group, and regulatory approval, both of which are expected in the first half of 2016.

Suffolk Life, which employs around 240 staff and manages around 26,500 plans with £8.7billion worth of assets under administration, including 3,600 commercial properties, has built a strong reputation for its SIPP (a pension plan which allows the holder to choose and manage the investments made) property expertise.

Mark Gregory, group chief finance officer at Legal & General said: “Legal & General is delighted to have played a part in the success of Suffolk

Life. It is a great business, but it is not core to our focused strategy going forward. Teaming up with Curtis Banks will help it to realise its strong potential, by creating one of the UK’s largest SIPP providers.”

Chris Banks, executive chairman of Curtis Banks Group plc, said: “We are delighted to announce the acquisition of Suffolk Life which accelerates our strategy of becoming the leading full SIPP provider in the UK. Suffolk Life is one of the oldest and most respected brands in the SIPP industry, with an excellent reputation for service and professionalism. We are delighted that Legal & General has chosen us to take ownership of this business and believe this reflects our strong standing and market reputation.”

Suffolk Life was established in 1971 and is based in the town’s Princes Street.

Legal & General, an insurance, savings and investment management firm which is responsible for investing £728bn worldwide, said it was disposing of non-core businesses, and focusing on core activities where it believes it can achieve significant scale and attractive returns on capital. The business disposed of Legal & General France, Legal & General Ireland and Egypt in 2015.

In 2014, Legal & General’s operating profit rose 10% to £1,275million.

Curtis Banks Group, which employs around 270 staff at its head office in Bristol and regional offices in Dundee and Market Harborough, is one of the UK’s largest providers of full SIPPs and Small Self-Administered Pension Schemes (SSAS) with more than £9bn of assets under administration. It began trading in 2009 and has grown organically and through acquisition.

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Wolseley is to axe around 800 jobs.
Photo: Anna Gowthorpe/PA

Plumb Center owner Wolseley is set to axe up to 800 jobs as part of a restructuring that will see it shut 80 branches and a distribution centre.

Big Wave PR and Remembrance Travel receiving their gold award at the  Anglia, Thames and Chiltern PRide Awards.

PR professionals from Essex and Suffolk have been celebrating a string of successes in the Anglia, Thames and Chiltern regional round of the Chartered Institute of Public Relations’ annual PRide Awards.

Suffolk Business Ambassadors on their tour of the Port of Ipswich.

A group of Suffolk business leaders who have accepted the challenge of encouraging more inward investement in the county have been given a behind-the-scenes tour of the Port of Ipswich.

The 2015 Menta Trade Fair at The Apex in Bury St Edmunds.

With just a few days until the Menta Trade Fair on Tuesday, October 4, plans are being finalised for the biggest business event yet seen in Bury St Edmunds.

Earl Soham. Credit: Mike Page.

Owners of an east Suffolk business centre are looking to convert some of its older buildings into residential use – while finding new sites for those being displaced.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24