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Curtis Banks acquires the Full SIPP business of Alliance Trust Savings

We recently announced the acquisition of the Full SIPP business of Alliance Trust Savings, and this acquisition will be completed by the end of January 2013. Alliance Trust Savings have taken the decision to focus on their platform business, and we are delighted that they have chosen us to take forward their full SIPP business.

This is a quality book of almost 6,000 SIPPs worth approximately £3bn in assets under administration. Added to our existing book of business, it makes us a “top 5” full SIPP provider with over 10,000 clients.

The acquisition will have a positive impact on both our existing business introducers and clients, and those who are joining us from Alliance Trust Savings. If you are new to Curtis Banks, please explore our website to get a feel for our operations and our culture. In addition, we have set out below some of the areas where you may be looking for further information:

Our business model

Regulatory expectations are creating challenges for SIPP operators. High levels of compliance and robust systems are needed to meet FSA and HMRC requirements and this is a significant overhead. In addition, there are FSA proposals to increase the regulatory capital requirements for SIPP operators. To survive in this environment, a SIPP operator must have a robust business model and strong future profitability.

This acquisition creates a major business with significant sustainable future income and makes us well placed to succeed in the current environment. We see major consolidation in the SIPP industry in the next few years and we intend to be at the forefront of this process.

The Alliance Trust Savings SIPP Book 

The Alliance Trust Savings clients are serviced in Dundee and London offices and we will be retaining all the staff in these locations. This will minimise any disruption and ensure “business as usual” whilst providing a strong foundation for future development. There will be no material changes to services and there are no plans to change the fee structure.

Our substantial experience as SIPP operators will enable us to handle the transition smoothly and add improvements for the future. An immediate improvement will be that all SIPPs will have online access, allowing introducers and clients secure access via our website to current valuations, bank transactions and other useful data. We will also be making improvements to back office systems, to improve efficiencies and build more robust systems wherever possible.

All Alliance Trust Savings introducers and clients should continue dealing with their existing contacts for the time being. New address details for these contacts will be advised to them in due course.

Our Existing Clients

As we are keeping all the Alliance Trust Savings staff, the acquisition will not have an impact on existing introducers and clients, and they will continue to be serviced by the existing teams in our offices.    

Systems and Processes 

Our acquisition of a significant business enables us to look at their processes and move forward to a “best of both worlds” position. We will be looking at synergies and improvements, but none of this will be a step backwards in the services we provide and we see this as a positive move forward in our service provision.

Next Steps

As mentioned above, the acquisition will be completed by the end of this year. Both we and Alliance Trust Savings will be making further announcements as the acquisition progresses.

Further Information

If you would like further information from us on what is happening and how it may affect you, please contact Rupert Curtis on (0117) 910 7910 or by email.

This is an exciting development for our business and a major step forward for us, our business introducers and our clients.

This announcement, and our website in general, are intended to be for the use of professional advisers. If you are a client, we recommend that you speak to your professional adviser for further information or guidance. Curtis Banks are unable to provide you with advice.