Ashcourt Rowan : Disposal of SIPP and SSAS businesses



Ashcourt Rowan sells further SIPP and SSAS business to Mattioli Woods for up to £0.355 million

London, 11 August 2014: Ashcourt Rowan has agreed to sell the SIPP and SSAS business acquired with UK Wealth Management to City Trustees, a subsidiary of Mattioli Woods plc for total consideration of up to £0.355 million. The acquisition of UK Wealth Management completed in April 2014.

The sale comprises the pension trustee companies, Acomb Trustees Limited, Simmonds Ford Trustees Limited and Ropergate Trustees Limited, and the trade and certain assets of Pensions AdministrationLimited . Initial consideration of £0.275 million is payable together with further deferred payments of up to £0.080 million subject to certain revenue targets being met during the two years following completion. 

SIPP and SSAS clients will continue to receive advisory and portfolio management services from Ashcourt Rowan Corporate Solutions, Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning.  However, the administration of their pensions will be transferred to Mattioli Woods' pension administration and trustee services arm, City Trustees.

Jonathan Polin, Group Chief Executive of Ashcourt Rowan, commented: 

"Ashcourt Rowan continues to focus on our core businesses.  The administration of SIPP and SSAS schemes acquired with UKWM is non-core to our business, and this sale follows that announced last year of Ashcourt Rowan's own SIPP and SSAS business.  During the last 12 months we have found Mattioli Woods to be a sound strategic partner with the expertise, scale and systems to give the very best SIPP and SSAS administration services to our clients."

-    ENDS  -

For further information please contact:

Maitland Marina Burton/ Daniel Yea Tel: [phone] Email:[e-mail]	Ashcourt Rowan Sonal Hirani, marketing manager Tel: [phone] Email:[e-mail]

About Ashcourt Rowan plc

Ashcourt Rowan plc provides a range of expert, integrated wealth management and employee benefits consultancy services for individuals, families, charities and trusts, business owners and employers.

Its financial planners, investment managers and consultants deliver services to clients on a face-to-face basis nationally, supported by dedicated technical departments in London and Leeds.

Headquartered in the City of London, Ashcourt Rowan has offices in Bath, Bournemouth, Brighton, Cambridge, Chelmsford, Exeter, Leeds, Macclesfield, Maidstone, Manchester, Rugby, Salisbury, St Andrews, Winchester and York.

.

This information is provided by RNS

The company news service from the London Stock Exchange

ENDDISLLFVRTAIILIS