Acquisition of Suffolk Life
Curtis Banks are delighted to announce that contracts were exchanged on 14 January 2016 to acquire the Suffolk Life group of companies from Legal & General.
Suffolk Life is a UK leading and award winning SIPP provider based in Ipswich with approximately 239 employees, which currently manages approximately 26,500 SIPPs with circa £8.7 billion of assets under administration. In many ways Suffolk Life is the mirror image of Curtis Banks and the acquisition of Suffolk Life increases our market position to the number two independent Full SIPP provider.
This is a defining transaction for Curtis Banks and doubles the size of the Group.
The acquisition of Suffolk Life is conditional on approval by the FCA and PRA and we expect this to be received by the end of March. We will then complete the acquisition, but in the meantime Suffolk Life continues as a separate business as part of the Legal & General Group.
From a practical standpoint the acquisition will have no direct impact on any of our existing offices. It will continue to run as a separate self-contained operation in Ipswich with its own staff and systems. Clients and advisers using Curtis Banks will continue to receive the high level of service we aim to deliver to all our clients, using our dedicated team of staff. Over time the systems at Suffolk Life will be standardised with those of Curtis Banks and we expect to build on the strengths of both businesses to deliver an enhanced proposition to all of our clients.
This is another key achievement for Curtis Banks in our planned program of growth and demonstrates again our proven ability of acquiring businesses with large books of SIPPs.