A global investment administration and financial planning technology firm has announced its move into the fastest-growing segment of the UK pension market, following its acquisition of a privately-owned Self-Invested Personal Pension (SIPP) provider.
Praemium has acquired Wensley Mackay, a SIPP firm that supports the pension planning needs of independent advisers and their clients across the UK.
The acquisition will allow Praemium to enter the UK private pension space and access a significant new source of funds under administration (FUA) via its existing adviser relationships, the firm said in a statement.
Around two thirds of household wealth in the UK comes from private pension savings. SIPPs – UK government-approved personal pension schemes – are the fastest-growing segment of the UK pension market, Praemium said.
“In the UK, platform providers have seen the retirement market open up following pension reforms introduced in April 2015 that de-mandated the use of annuity investments," Praemium chief executive Michael Ohanessian said.
“Investors are exiting annuities and seeking other options for their retirement saving, with a manore shift to pension schemes like SIPPs that offer a wide range of investment options.
“Adding a SIPP solution to our UK platform proposition enhances our growth prospects by offering a complete package to our clients," he said.
Wensley Mackay's managing director, Paul Wensley, said the deal offers "a fantastic opportunity to grow the business and continue to deliver the high quality service for which we have become known”.
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