16th Feb 2016 08:43
LONDON (Alliance News) - Wealth management and employee benefits company Mattioli Woods PLC on Tuesday said it has been appointed administrator on a number of self-invested personal pensions formerly operated by Stadia Trustees Ltd.
Stadia was forced to stop accepting new business in 2013 and is now intending on winding up the schemes. Mattioli will work with Stadia on winding up the schemes and transferring members' assets to new pension arrangements.
Mattioli will receive GBP120,000 for the work over three months following completion of the deal.
The SIPPs involved in the transfer include the Stadia SIPP, Noisnep SIPP, Essential SIPP, Essex Community Foundation SIPP, Hero SIPP, Investor Club SIPP, Ipswich SIPP, Liberator SIPP and Munro SIPP. The estimated value of client assets in the schemes is around GBP100.0 million in total, Mattioli Woods said.
"Our technical expertise and reputation in the SIPP market has driven this opportunity. We look forward to working closely with members of the Stadia schemes to deliver bespoke personal service and specialist advice," said Ian Mattioli, chief executive of Mattioli Woods.
Shares in Mattioli Woods were up 0.5% to 572.60 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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