Alliance Trust Savings (ATS) is acquiring Wolanski & Co Trustees Limited (WACT) today in a deal it claims will create a top five self invested personal pension (Sipp) provider.
ATS will acquire all of WACT’s Sipp and small self-administered scheme (Sas) administration business. Approximately 50 people who work for the London-based company will now form part of ATS’s staff.
ATS claims the deal will make it one of the largest Sipp providers in the UK by number of members.
Alan Harden, chief executive at ATS, says: “By taking the combined strengths of both companies we have an excellent fit of two different yet complementary companies.
“We look forward to building on the strong combination of the excellent customer service, administration expertise and focus on fair value of ATS, with WACT’s reputation for quality, sophisticated relationship with professional advisers and specialist property skills.”
Harden describes the deal as a first step towards ATS’s aim of becoming the country’s foremost Sipp provider.
Hyman Wolanski, managing director of WACT, is to become a director of ATS and will lead the future development of its pensions business.
Wolanski says: “Our companies see the opportunity to grow far faster and better if they can grow together.
“Like ATS, we are convinced we have an exemplary product but we knew we would have to invest substantially in technology to take full advantage of the enormous opportunities ahead.
“This deal allows us the best of all worlds because we can go on giving our professional advisers and SIPP and SSAS members the quality services they have come to expect, while enhancing the combined offer for the long term.”
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