The sale is anticipated to bring Standard Life's assets under advice to £1.1bn. Pearson Jones has served customers in the North of England for more than 40 years and has 39 advisers and paraplanners in a team of 102 employees.
Standard Life stated that the move was in response to fundamental changes that are driving unprecedented demand for advice from customers.
This follows a period of twelve years under Skipton Building Society ownership in which Pearson Jones has grown to become a well established firm in the wealth management sector.
The UK’s fourth largest building society, Skipton is at the centre of a group of subsidiary companies and aims to grow its core business of mortgages and savings, plus advice to the pre-and at-retirement market.
Tim Johnson, Pearson Jones’s Managing Director, said:
“Pearson Jones’s management and staff are excited to be joining Standard Life to help build a ‘best in class’ nationwide financial advice business. Standard Life’s focus on enhancing client service and improving the career prospects of our staff makes this acquisition a very good step in our 40-year history.”
Skipton Group Chief Executive David Cutter said:
“We are pleased with the way we have been able to develop Pearson Jones since it has been part of the Skipton Group, in collaboration with its management team.
“However, under Standard Life’s new ownership, there are many potential new opportunities for the business to realise and we very much look forward to seeing it flourish in the years to come.”
Barry O’Dwyer, Standard Life Managing Director, said:
“As a leading long-term savings business in the UK, this is an exciting next step for Standard Life. We already help millions of customers to save through the workplace and are a leading provider to the highest quality firms in the advice sector.
“We’re delighted Pearson Jones will be part of our new business. They have a single-minded focus on helping clients and are an excellent example of a progressive firm with an RDR-compliant, platform-based advisory proposition. We look forward to working with the team to support the growth of our new business.”
