The deal will see the Swiss-based bank retain an active interest in their clients as part of a partnership agreement.
Pointon York, independent specialists in self-invested personal pensions (“SIPPs”), acquires Bridgewater Pension Trustees Limited and Halcyon Financial Services Limited, two wholly-owned subsidiaries of EFG Private Bank.
The two companies currently administer approximately 600 SIPP schemes. The transaction will enable Pension scheme members to retain their current financial advisers and investment managers whilst Pointon York SIPP Solutions will provide technical information and administration of the SIPP schemes being transferred.
Jo French, Managing Director of Pointon York SIPP Solutions, said:
“Pointon York is delighted to have been chosen by EFG Private Bank to work in partnership with their clients. There are more than one hundred SIPP administration providers in the UK and we have been chosen following a stringent due diligence process. This highlighted the quality of our risk management procedures, our market-leading reputation and the longevity of our client relationships.
“We are committed to ensuring a successful migration of these SIPPs over the next few months and look forward to building upon the close working relationship that we have developed with EFG Private Bank.”
Peter London, Chairman of EFG Independent Financial Advisers, said:
“Pointon York is our partner of choice, reflecting its capabilities and the high regard in which it is held in the SIPPs market. EFG will be able to focus on its relationships with clients, while benefiting from the experience and technical expertise of Pointon York when it comes to administering SIPPs.
"It is a real partnership, as evidenced by the fact that EFG will have two directors on the operating board of the transferred business for the first year"
