John Moret, affectionately known as the godfather of SIPPs, shares his insight on the last 21 years in pensions and advice - beginning with the backstory on a deal which could have changed the face of the SIPP market...
It's almost exactly 21 years since I experienced the biggest disappointment in my business career. At the time I was CEO of Personal Pension Management Limited (PPML) a SIPP provider that, along with James Hay, was based in Salisbury. At the time the two firms dominated the SIPP market with over 70% market share. At PPML we had agreed a private equity-backed MBO - only to be thwarted at the last minute when the owners, Winterthur, refused to sell. The PE backers had also been talking to James Hay with the intention of merging the two companies. Had that deal gone ahead I genuinely bel...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
