Sovereign Group and International Financial Group Limited (IFGL) have entered into an agreement for IFGL to buy Sovereign Pension Services (SPS). This acquisition is subject to regulatory approval by the Financial Conduct Authority (FCA).
SPS is an administrator and operator of self-invested personal pensions (SIPPs) based in the UK, employing 45 staff. Established in 2003 as MW Pensions Limited, it became SPS in 2016 following its acquisition by Sovereign.
“SIPPs have been an integral part of the success of Sovereign’s pensions offering”, said Sovereign Group CEO Gerry Kelly. “On meeting with IFGL, it became clear that it was the right partner to develop this segment further, allowing Sovereign to focus on building the corporate and trust side of its business in the UK. This deal will also offer new opportunities for our dedicated workforce in the Wirral, who are very much looking forward to being part of the IFGL family.”
Isle of Man-headquartered IFGL provides investment, savings and protection solutions to international investors around the world, with 216,000 customers and USD26 billion assets under administration. It operates four major brands – Ardan International, RL360, RL360° Services and Friends Provident International. SPS will join as a fifth.
“This is a strategic acquisition which will allow IFGL to provide a wider range of services and value to advisers”, said IFGL Chief Executive David Kneeshaw. “There’s a gap in the market for a service-led and cost-effective SIPP proposition and we were attracted to SPS specifically because of its strong reputation among advisers. We are delighted to welcome SPS into the IFGL family and have ambitious plans for its future.”
Headquartered in the Isle of Man, with offices in Dubai, Hong Kong, Malaysia, Lebanon, Singapore and Uruguay, IFGL owns RL360, RL360° Services, Friends Provident International Limited and Ardan International. It provides investment, savings and protection solutions to international investors around the world, with 216,000 customers, USD26 billion assets under administration and employs more than 550 staff (as at 31 December 2021).