XPS Pensions Group has acquired the business of Michael J Field Consulting Actuaries to further develop its self-invested personal pension (SIPP) business.
Michael J Field is a self-invested personal pension (SIPP) and small self-administered scheme (SSAS) provider based in Manchester.
The acquisition will bolster XPS Pensions Group's SIPP and SSAS arm and, following the acquisition, the combined XPS business will administer around 4,500 SIPPs and 1,500 SSASs.
Under the terms of the deal, the Michael J Field team of 22 staff will join XPS Pensions Group's existing team of 70-plus staff in its self-invested pensions team, with both firms retaining existing premises in Manchester and Stirling respectively. The acquisition will complete in February 2022.
XPS Pensions Group director of self-invested pensions Andy Bowsher said: "We're really excited to welcome the team from Michael J Field on board to join our growing business. Their specialist level of expertise complements our existing capabilities and will enable us to bring our offering of high-quality, tailored, great value SIPPs and SSASs to even more clients and financial advisers."
Michael J Field Consulting Actuaries founding partner Michael J Field said: "Becoming part of XPS Pensions Group was a natural decision for us - they share the priority that we place on providing expert, personalised support to clients to help them reach their financial goals. This deal puts us in the best possible position to continue to serve clients with the dedication we have for the last 40 years long into the future."
The teams at XPS and Michael J Field said they will ensure continuity in both service to clients and their advisors while the deal completes. They said there will be no change in terms and conditions, or fees charged to customers, resulting from the sale, and clients and advisors should continue to reach out to their existing contacts from each firm.