11th Aug 2014 10:26
LONDON (Alliance News) - Wealth management business Mattioli Woods PLC Monday said it has acquired UK Wealth Management Ltd's pension administration business in a cash deal worth GBP355,000.
UK Wealth Management is a wholly owned subsidiary of Ashcourt Rowan PLC.
The initial consideration costs of GBP275,000 cash plus a deferred consideration of up to GBP80,000, subject to financial targets.
The sale comprises the pension trustee companies, Acomb Trustees Ltd, Simmonds Ford Trustees Ltd and Ropergate Trustees Ltd, and the trade and certain assets of Pensions Administration Ltd.
Mattioli Woods said the pension business provides trustee and administration services to over 400 self-invested personal pension schemes and small self-administrated pension schemes, with total funds under trusteeship of over GBP190 million.
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.
In the year to December 31, 2013, the portfolio generated revenue of GBP335,970. The acquisition is expected to be earnings enhancing in the first full year of ownership, said the company.
Mattioli Woods shares were quoted up 0.5% at 440.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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