STM buys London & Colonial for £5.4m

The deal follows a string of buyouts in the SIPP market this summer, including Praemium buying Wensley Mackay and Mattioli Woods snapping up MC Trustees. As well as the UK SIPP business, STM will also acquire London & Colonial's qualifying recognised overseas pension scheme (QROP) book and its Gibraltar-based life insurance business. The SIPP business has about 2,000 members and generates a turnover of approximately £1m, while the life assurance firm has 1,200 policyholders and a net turnover of £2m. London & Colonial has 300 QROPS under management. The Haywards Heath-based firm ha...