Advisory firm the Lighthouse Group has offloaded pensions provider City Trustees to Mattioli Woods for £1.85m.
Established in January 1996, City Trustees provides trustee and administration services to 965 self-invested personal pension SIPP schemes, 123 SSAS schemes and 14 funded unapproved retirement benefit schemes.
The group, which also offers technical pensions consultancy to professional advisers, has total funds under trusteeship of over £300m.
In the year ended 31 December, City Trustees generated a loss after taxation of £56,000, on revenues of £780,000. City Trustees' team of administration staff will be retained by Mattioli Woods following the acquisition.
"When approached by Mattioli Woods, we felt it appropriate to facilitate a transfer to a noted pension specialist," Lighthouse executive chairman David Hickey says.
"We see Mattioli Woods' client proposition as complementary both to the assets being transferred and to the needs of our clients requiring bespoke pension administration services."
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