Self-invested personal pension (SIPP) provider Intelligent Money has sold its direct-to-consumer (D2C) business to discount broker Clubfinance.
The deal, announced today, will see Clubfinance acquire all of Intelligent Money's D2C clients and their collective assets of about £100m for an undisclosed sum. Intelligent Money hopes that the move will strengthen its position as an intermediary-only provider. Chief executive of Intelligent Money Julian Penniston-Hill said: "In reviewing our position as a whole, following very strong growth and performance in the SIPP marketplace, it became apparent that this legacy book of direct clients was neither core to our business nor in keeping with the intermediary-only model that we adopt...
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