Suffolk Life is a UK SIPP provider which currently manages approximately 26,500 SIPPs with circa £8.7 billion of assets under administration. The acquisition of Suffolk Life increases Curtis Banks' market position to the number two independent Full SIPP provider, doubling the size of the Group.
The acquisition of Suffolk Life is conditional on approval by the FCA and PRA, expected to be received by the end of March. In the meantime Suffolk Life continues as a separate business as part of the Legal & General Group.
Suffolk Life will continue to run as a separate self-contained operation in Ipswich with its own staff and systems, which over time will be standardised with those of Curtis Banks.
Mark Gregory, Legal & General Group Chief Finance Officer, said:
“Legal & General is delighted to have played a part in the success of Suffolk Life. It is a great business, but it is not core to our focused strategy going forward. Teaming up with Curtis Banks will help it to realise its strong potential, by creating one of the UK’s largest SIPP providers.”
Chris Banks, Executive Chairman of Curtis Banks Group plc, added:
"We are delighted to announce the acquisition of Suffolk Life which accelerates our strategy of becoming the leading full SIPP provider in the UK. Suffolk Life is one of the oldest and most respected brands in the SIPP industry, with an excellent reputation for service and professionalism. We are delighted that Legal & General has chosen us to take ownership of this business and believe this reflects our strong standing and market reputation.”
