RSM TENON has sold its personal pension arm to Dentons Pension Management.
The self-invested personal pension (SIPP) arm Tenon Pension Trustees was sold for an undisclosed sum, Accountancy Age’s sister publication IFAonline.com reports.
The acquisition will see Dentons add about 650 SIPP plans to its existing book of high value SIPPs.
Martyn Rose, chairman of Dentons, said: “We have made no secret that we are acquisitive, but it has to be for the right businesses or books of SIPPs. We are therefore very happy with the acquisition as it is a perfect fit for us being high quality and with the same underlying ethos of placing the client at the heart of everything we do.
“We are committed to the SIPP and SSAS market and despite the current market uncertainty over capital adequacy we are a strong and well capitalised business and an active consolidator.”
Dentons director of sales and marketing David Fox (pictured) said: “At a time of uncertainty for many providers this acquisition is a strong statement of intent by Dentons.
“We are looking forward to building strong strategic relationship with RSM Tenon and its advisers. This acquisition is also evidence that consolidation is continuing in the SIPP market, ahead of the final capital adequacy rules.”
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