Investment management firm Brewin Dolphin has sold its pensions management division to actuarial firm Punter Southall.
The acquisition will see the management of 100 corporate schemes transfer to Punter Southall along with Brewin Dolphin's 14-strong pension team, which will relocate to Punter Southall's new offices in Newcastle.
The deal, which takes effect from 1 October, is part of Punter Southall's push into the regions to attract local business, the firm said.
Brewin Dolphin has been an actuarial and pension administration client of Punter Southall itself for 19 years.
The pension team at Brewin Dolphin said it relished the move to the actuarial firm.
"While some of our clients will continue to invest their funds with Brewin Dolphin Investment Management, we believe that together we will be able to offer clients a unique range of corporate pension advice by a team whose professionalism and knowledge are unmatched in the industry," divisional director Don Robson said.
Punter Southall director of pension administration Richard Thomas said: "Strategically, the acquisition will allow us to continue our expansion across the UK and strengthen the services we can offer to businesses in the North East.
"With the introduction of auto-enrolment next year, pension provision will become even more important to businesses across the UK. Enhancing our regional presence will help us to offer a broader range of services to a broader range of clients."
Punter Southall currently has ten regional locations. The firm said it hoped the push into the North East would lead to the creation of more job opportunities for the region.
23% fall since Q1
Achievements, charity work and other happy snippets
Including advice firm Chadkirk WM
More dates to be announced
Lowest level since 2016