On August 11, 2014, Ashcourt Rowan (LON: ARP) announced the sale of its self-invested personal pension and small self-administered scheme business to a subsidiary of Mattioli Woods for up to $596,338.
On August 11, 2014, Ashcourt Rowan Plc (LON: ARP) announced that it intends to sell its self-invested personal pension and small self-administered scheme business to City Trustees Limited, a subsidiary of Mattioli Woods Plc, for up to £355,000 ($596,338). The price comprises £275,000 in initial consideration and £80,000 in deferred payments that are subject to the business achieving certain revenue targets during the first two years. The pension administration business consists of pension trustee companies Acomb Trustees Ltd., Simmonds Ford Trustees Ltd. and Ropergate Trustees Ltd., and trade and certain assets of Pensions Administration Ltd. Following the sale, affiliates of Ashcourt Rowan will continue to provide advisory and portfolio management services to SIPP and SSAS clients while City Trustees will provide pension administration and trustee services.
Aschcourt Rowan had originally acquired the SIPP and SSAS business from UK Wealth Management Limited in April 2014.
Ashcourt Rowan, which is headquartered in London, provides a range of expert, integrated wealth management and employee benefits consultancy services for individuals, families, charities and trusts, business owners and employers.
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