SIPP provider Dentons Pensions has acquired MAB Pensions, a provider of small self administered schemes (SSASs), from Michael Ambrose Group (MAB), a Leicester-based financial adviser and pension administrator.
The deal is for an undisclosed sum and is the second acquisition by Dentons this year after it bought Brown Shipley’s pension admin business recently.
The takeover of MAB’s SSAS book will add over 100 SSAS plans to Dentons existing book of over 1200 SSASs.
In 2014, Dentons Pensions acquired the SIPP book from MAB, which added 125 SIPPs to the business. Dentons currently administers over 7,500 SIPPs.
Ian Stewart, joint managing director of Dentons, said: “We have made no secret that we are an acquisitive firm, but it has to be for the right business or book of business.
“We were therefore pleased that following the successful acquisition of the MAB SIPP book in 2014, they came to us again when they were looking to find the right home for their SSAS administration business. It is a perfect fit for us as both companies offer the same underlying ethos of placing the client at the heart of everything we do.
“We remain committed to the self invested pension market and this is the second acquisition that we have made in 2021, following on from the successful integration of Brown Shipley’s pension administration business and professional trustee company.”
Michael Watson, director of Michael Ambrose, said: “This was a very difficult decision to make as we have provided pension administration services to our SSAS customers for many years and value their custom, financial wellbeing and security above all. However, having made the decision in the best interests of all, we were determined to find the right administrator who shares our commitment to bespoke, high administration standards and practice.”
“Having successfully transferred our SIPP book to Dentons Pensions and seen how well that has gone for the clients we advise, we firmly believe that it is also the right choice to meet our customers’ SSAS needs in the future.”